The crypto market is likely to remain volatile this week as the war in Iran continues and the US releases a consumer inflation report on Wednesday. This article looks at some of the best crypto news to watch this week.
The Pi Network is in the spotlight ahead of Pi Day
One of the best crypto news this week will be on the Pi network. The network will complete the current phase of the network upgrade on March 12. This update is part of the transition from v19 to v23 of the Stellar consensus.
The price of the Pi Network will also react to the upcoming Pi Day event on March 14th. This is a great event designed to celebrate and celebrate the constant math of pi.
The Pi Network uses this event to make major announcements that often change prices. There are also speculations that Kraken will decide to list the coin on this day.
Polkadot tokenomics update
Another key crypto market news this week will be the upcoming tokenomics Polkadot update, which will take place on March 12.
This is a major overhaul that will reduce the number of DOT tokens in circulation to 2.1 billion and reduce emissions by 53.6%. The update also reduces the number of unbreakable days from 28 days to between 24 and 48 hours.
The new update aims to introduce the concept of scarcity and capital efficiency. It also comes days after 21Shares launched its first DOT ETF on Friday.
The US-Iran War and Inflation Information
Another key crypto news story to watch this week will be the ongoing war in Iran. The three sides – Iran, the United States and Israel – have all vowed to continue fighting, which has sent crude prices soaring.
Signs that the war will continue for a long time will be very low for the crypto market, as Bitcoin’s role as a safe-haven asset has diminished. Instead, investors turned to gold and the Swiss franc.
Meanwhile, the US will release its inflation report on Wednesday this week. Economists expect the upcoming numbers to show that inflation rose from 2.4% in January to 2.5% in February. This inflation comes days after the release of weak jobs numbers.
It is unclear whether the upcoming inflation report will have an impact on crypto prices as investors are currently focusing on the impact of the ongoing Iran war and its impact on crude oil prices.
