- The most significant market-moving event for Bitcoin and other cryptocurrencies may be the US CPI report on August 12.
- The cryptocurrency market may get more volatile later this week due to PPI and US retail sales data.
- On August 16, YZY will unlock nearly 120 million tokens, or roughly $35 million.
Bitcoin is starting the week near $65,000 at the time of writing, as the crypto market prepares for several important events from August 10 to 16. The main focus will be on the US inflation report, major token unlocks, the Pi Network upgrade deadline, and several blockchain events around the world.
According to the market, the total crypto market value is around $1.31 trillion. Bitcoin has remained mostly rangebound in early August, with lower summer trading activity adding to the risk of sudden price moves.
US CPI Could Set The Market Direction
The US Consumer Price Index (CPI) report for July, due on Wednesday, August 12. The report is expected to have a strong impact on Bitcoin and other risk assets.
A lower-than-expected inflation number could support expectations for easier interest rates and may help crypto prices. A higher-than-expected reading could increase concerns about interest rates staying high for longer.
Markets will also watch US Producer Price Index (PPI) data on Thursday and retail sales data on Friday. These reports could either support or change the market reaction to the CPI release.
Large Token Unlocks Add Selling Pressure
Token unlocks are the largest scheduled release, YZY, which is expected to unlock around 120 million tokens on August 16. The tokens are valued at approximately $35 million, accounting for roughly 22.8% of the circulating supply.
Other key unlocks consist of Pump.fun (PUMP), Avalanche (AVAX), Aptos (APT), Arbitrum (ARB), Sei (SEI), and Starknet (STRK). Large token releases can increase the amount of supply available in the market. If holders decide to sell, prices can face short-term pressure.
Pi Network Upgrade Deadline
Pi Network is focused this week because its Protocol 26 upgrade deadline is set for August 11. Mainnet node operators are expected to complete the upgrade to remain connected to the network.
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