Today's events include CPI, FOMC, and Ethereum Shanghai update. Less than an hour from the time of writing this post, the CPI report is scheduled to be released. The FOMC meeting is at 18:00 UTC, and the Ethereum Shanghai update is at around 23:30 UTC.
It is anticipated that the market will see significant volatility as a result of all these events. Yesterday, Bitcoin reached $30,566; this represents an increase in price of over 12%. However, other cryptocurrencies have not experienced the same price growth as Bitcoin because of its dominance in the market.
Let's talk briefly about the Shangai update, which will complete the transition of ETH to Proof-of-Stake and unlock over 18 million ETH, allowing validators to withdraw their assets.
This event will, in my opinion, serve as a floor for the price of ether, and, in contrast to popular belief, we will witness a brief volatility in price, a sell-off, perhaps. However, there is no justification for this, as those who have staked and will continue to receive generous commissions should withdraw all of their funds.
Lido Finance has the biggest stake, they have about 30% of the total Ethereum staked, and it will be some time before they start unstaking any of it.
What do you think about these events? Will it be bearish or bullish for the crypto market? And will the Ethereum Shanghai update be bullish or bearish for ETH?