Top crypto news this week: Pi Network, Polkadot, US inflation data
The crypto market will likely maintain its volatility this week as the war in Iran continues and the US releases its consumer inflation report on Wednesday. This article looks at some of the top crypto news to watch this week.
Pi Network in the spotlight ahead of Pi Day
One of the top crypto news this week will be on Pi Network. The network will conclude the current phase of the network upgrade on March 12. This upgrade is part of that transition from v19 to v23 of the Stellar consensus.
Pi Network price will also react to the upcoming Pi Day event on March 14. This is a major event meant to commemorate and celebrate the mathematical constant pi.
Pi Network uses the event to make major announcements that often moves prices. There is also speculation that Kraken will decide to list the coin on this day.
Polkadot tokenomics upgrade
The other key crypto market news this week will be the upcoming Polkadot tokenomics upgrade that happens 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 upgrade will also reduce the number of unbonding days from 28 days to between 24 and 48 hours.
The new upgrade aims to introduce the concept of scarcity and capital efficiency. It also comes a few days after 21Shares launched the first DOT ETF on Friday.
US-Iran war and US inflation data
The other key crypto news 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 the fight, leading to higher crude oil prices.
Signs that the war will continue for longer will be highly bearish for the crypto market as Bitcoin’s role as a safe-haven asset has been decimated. Instead, investors have turned to gold and the Swiss franc.
In line with this, the US will publish 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 a few days after the US published weak jobs numbers.
It is unclear whether the upcoming inflation report will have an impact on crypto prices because investors are now focusing on the impact of the ongoing Iran war and its impact on crude oil prices.
