5 key events this week that digital currency investors should watch

The digital currency market is entering a busy and sensitive week that will determine the short-term direction of prices. The release of key US inflation data, technical meetings of Ethereum developers, the fate of stablecoin regulations, and the unlocking of more than $100 million worth of tokens have put traders and investors on full alert. Based on a report from […] The post 5 key events this week that digital currency investors should watch

The digital currency market has entered a high-traffic and sensitive week that will determine the short-term fate of prices. The release of key US inflation data, Ethereum developers' technical meetings, the determination of stablecoin rules, and of course the release of more than $100 million in tokens have traders and investors on high alert.

According to a report by CryptoPotato, these 5 critical events can cause fluctuations in the price of Bitcoin, Ethereum and altcoins. In this article, we will go over all the important details, statistics, and dates that you should record in your trading calendar.

US inflation data; Is the Federal Reserve pulling the brakes on the market?

US economic statistics are at the forefront of investors' attention. According to the US Bureau of Labor Statistics calendar, the Consumer Price Index (CPI) for September will be published on Wednesday, October 22. Economic calendar forecasts indicate a monthly increase of 0.6% and an annual growth of 3.6%. The figures of the previous period were 0.4% and 3.4% respectively. Of course, these figures are just market predictions and have not yet been confirmed by official institutions.

On the other hand, the net consumer price index (Core CPI), which excludes fluctuations in food and energy prices, is expected to grow by 0.2 percent monthly and 2.5 percent annually. These figures compare with the previous report which was 0.3% monthly and 2.4% annually. The release of these statistics provides the last clear picture of inflationary pressures before the next Federal Reserve policy meeting.

Next, on Thursday, October 23, the producer price index (PPI) report will be published. Forecasts indicate a monthly increase of 0.5 percent and an annual rate of 5.3 percent (vs. 0.4 percent and 5.4 percent in the previous period). It is also predicted that the net producer index will increase by 0.3% monthly and 4.4% annually.

The Fed's next decision on interest rates will be made in late October. Market participants will carefully examine whether the new data will strengthen the hypothesis of interest rate stabilization at the October meeting; However, the prospect of a decision for December remains unclear and no official decision has been announced.

In addition, other key events are taking place in the world economy: October 21: Release of China's September inflation statistics October 23: British August GDP report, US retail sales and weekly statistics of US unemployment insurance claimants October 24: Release of the final inflation figure for September in the Eurozone October 20: Closing of the US government bond markets on the occasion of Columbus Day (stock trading continues) Ethereum developers' meeting to review the future upgrades of Ethereum developers is scheduled for October 23, 181 Hold the 9th Consensus Core Developers Conference (ACDC). According to the agenda of the official meeting, the review of Golmesterdam and Hegota upgrades and solutions to improve the implementation process of major network updates will be among the most important topics of this 90-minute meeting.

Gelmasterdam, Ethereum's next big upgrade, was developed with the aim of increasing transaction processing capacity and improving network performance. One of its important changes is to separate the block creation task from its verification and registration in the network. This upgrade also helps the network to perform some processing simultaneously by changing the way transaction information is accessed. Glomasterdam was activated on Sepulia test network on 14th of Mehr, and the gas limit of each block in this test was increased to 200 million. The developers are currently reviewing the results of the tests, and there is no specific date for the mainnet rollout yet.

Hegota is another upgrade that is expected to be implemented after Glomesterdam in 2027. The purpose of this upgrade is to increase the resistance of the network against the censorship of transactions, improve processing and strengthen the security of Ethereum. Developers are considering various proposals, one of the most important of which is a mechanism to prevent intentional deletion of valid transactions from blocks. Of course, the meeting on October 23 will be held only to review the development process of these upgrades, and none of them are going to be activated on this date.

In another development, the Monetary Authority of Singapore (MAS) has set a deadline of 24 October for public comments on proposed stablecoin regulations. These proposals include amending the Payment Services Act and establishing new requirements for companies issuing stablecoins. After the deadline, the supervisory body will review the comments received.

Crucial Decisions in Decentralized Finance This week will also see some important votes on the future of major projects. The decentralized self-governing organization Arbitrum is going to start voting on the plan to expand the use of the USDG stablecoin on October 23. This voting will continue until October 30 and its purpose is to increase liquidity and expand the use of USDG in the Arbitrum ecosystem.

This plan was prepared in collaboration with Entropy Advisors, Offchain Labs, Arbitrum Foundation and Apco and proposes to increase 100 million ARB tokens to the budget of the DRIP incentive program. This funding is intended to encourage the use of USDG and increase its liquidity, and the implementation of the plan depends on the approval of the arbitrage community.

Balancer protocol has also given its partners until 24 Mehr to apply for the continuation of the third version of some liquidity pools. This deadline is part of an approved plan to phase out the protocol. According to this program, eligible pools will enter a state from November 8, where users will only be able to withdraw their assets. The final activity of these pools will continue until December 9 at the latest. Also, the first phase of the distribution of balancer treasury assets among the eligible holders of the BAL token is supposed to start from the beginning of June 1406.

Meanwhile, Gitcoin has until October 23 to vote on reducing the participation quorum in its governance decisions. If this proposal is approved, the quorum will be reduced from 2.5 million to 1.5 million GTC tokens and the approval of proposals will be possible with the participation of a smaller number of voting rights. Separate voting for Blanser and Compound will also end on 21 Mehr. One such vote concerns the Rapid Ether stock in the old Ronin Market.

Token Release Storm Token release is another factor that can create localized selling pressure in some assets. According to the market schedule: 23 Mehr: StarNet will release about 3.37% of the circulating supply of STRK token worth approximately $13.2 million. CONX will also circulate 1.39% of its supply equivalent to $12.18 million on the same day.

October 24: Arbitrum will release 1.56% of the ARB token circulating supply with an estimated value of $18.07 million.

October 25: Kronos (CRO) will release 2.33% of the circulating supply, worth an impressive $73.08 million.

The dollar figures are estimated based on the price of digital currencies at the time of writing, and the release does not necessarily mean immediate sales by recipients, but it does increase available liquidity significantly.

The Sonic project has also announced 23 Mehr as the deadline for receiving airdrops of the first and second seasons. According to project data, there were about 32.69 million S tokens left unclaimed, which will be burned forever if not claimed by the deadline.

Wall Street events and international conferences not to be missed This week, the two largest US financial institutions will also release their third quarter performance reports. Blackrock Investment Company on October 22 and Bank of New York Mellon (BNY) will present their financial reports on October 23. Analysts expect BlackRock to earn $14.24 per share and BNY to reach $2.27 per share.

Meanwhile, several important cryptocurrency industry events are also taking place. Paradigm Frontiers conference will be held in San Francisco from 20 to 22 October. The Pantera Blockchain Summit will be held on the 23rd of Mehr and the Ledger Open event will be held on the same day in Paris. Edkan conference will be held on 25th and 26th October in Kuala Lumpur.

Another important event this week is the conversation between US Federal Reserve Chairman Kevin Warsh and International Monetary Fund Managing Director Kristalina Georgieva. This meeting will be held at 7 am on Friday 24 October 1405 Tehran time.

Investors are following the conversation because Varsh's comments on inflation, the state of the economy and monetary policy could affect market expectations about interest rates.

What points should investors pay attention to this week?

The publication of US inflation statistics and the release of tokens are among the most important events that can affect the digital currency market this week. Inflation data may change investors' expectations about the Fed's next decision, causing Bitcoin price volatility. On the other hand, the release of Arbitrom, StarNet and Kronos tokens can also increase the sales pressure and price fluctuations of these currencies.

Considering these conditions, it is better for traders to check the risk of their leveraged trades before publishing economic statistics and be prepared for possible fluctuations. Examining loss limit levels, token release times, and important project voting results can also help make more informed decisions.