Crypto prices will likely be highly volatile this week as the crisis in the Middle East unfolds and the US publishes the latest consumer inflation report on Wednesday.
The inflation report will come at a time when most analysts expect prices to surge in the coming months because of the war in Iran. Crude oil price has surged to $116, the highest level in years. This article explores some of the top crypto tokens to watch this week.
Bitcoin (BTC)
Bitcoin price has held steady at $67,000 this weekend, down substantially from last week’s high of over $74,000. There is a risk that the coin will continue falling this week because of the rising geopolitical risks in the Middle East.
For example, Hyperliquid data shows that the West Texas Intermediate (WTI) oil benchmark has jumped to $116, much higher than the closing price of $90. This rally happened as top oil producers like Kuwait and the United Arab Emirates joined countries like Saudi Arabia, Qatar, and Iraq in cutting production.
Bitcoin price will also react to the upcoming US consumer inflation report, which comes a few days after the Bureau of Labor Statistics (BLS) published a weak jobs report. Data revealed that the economy shed over 92,000 jobs in February, the worst performance in years.
Therefore, there is a likelihood that Bitcoin price will continue falling this week, which will drag other cryptocurrencies lower.
READ MORE: Ethereum Price May Surge to $7,000: Crypto Analyst Gives Reasons
Pi Network in Focus Ahead of Pi Day
Pi Coin price will be in the spotlight this week because of several potential catalysts:
- Pi Day is happening on March 14.
- The current upgrade phase ends on March 14.
- Pi revealed the positive outcome of its trial with OpenMind.
- Validator rewards distribution.
The first main reason why Pi Network will be in the spotlight this week is that the community will celebrate Pi Day on March 14. This is a major event where members celebrate the mathematical constant pi. In the past, the developers have used the day to make major announcements.
The other major news will be the current part of the network upgrade will conclude on March 12. If this pace continues, it means that the upgrade to v23 will end in April. Chances are that the DEX and AMM product will be launched after the upgrade.
Pi Network will also be in focus after the developers revealed the outcome of the test with OpenMind. That test showed that, in the future, miners will be able to provide computing power to OpenMind and other companies in the AI industry.
Additionally, there is a possibility that the validator rewards distribution will start this week. Pi Network recently confirmed that the process will be completed this month.
Cardano in Focus Ahead of the Midnight Launch
Cardano is another top cryptocurrency to watch this week because of the upcoming Midnight mainnet launch. Midnight is Cardano’s privacy-focused sidechain, which Charles Hoskinson and the team believes will be the next big thing.
The Midnight mainnet launch will not happen this week, but the developers have hinted that it will happen this month. Still, ADA will be on the spotlight as the hype surrounding the launch continues.
There will be other top tokens to watch this week. For example, Polkadot will introduce its tokenization overhaul on March 12, instantly putting the supply cap at 2.1 billion and reducing emissions to 53.4%. It will also be in focus after the recent launch of the 21Shares DOT ETF.
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