Expert notes that Dogwifhat price eyes a 186.36% rally, targeting a multi-month high of $3.15 if buyers breach a critical sell wall at $1.5. According to crypto analyst @CW, buyers must continue accumulating past the $1.5 resistance level and trigger a breakout rally towards the meme coin’s all-time high of $4.85. The bullish outlook is accompanied by a spectacular 18% price gain over the past 24 hours and approximately $1.68 billion in daily derivatives trading volume. At press time, Dogwifhat’s price is trading at $1.148, with its market cap hovering around $1.14 billion to make it the 73rd largest cryptocurrency by market capitalization. Dogwifhat Price Eyes $3.15 Multi-Month High, Says Expert As per a Dogwifhat price assessment by @CW, WIF is primed for a potential 186.36% rally to a new annual high, a move that could activate a spike towards the all-time high at $4.85. According to CW, buyers should… Read More at Coingape.com
After the escalated war odds in South Asian countries, India and Pakistan, former Binance CEO Changpeng Zhao commented on the situation and asked for peace. Both countries have been hot and cold ever since the partition in 1947, with four battles in the last 77 years. The odds of another rising past the massacre of 26 tourists in Indian-administered Kashmir, resulting in India blaming Pakistan for involvement. Amidst this, India launched missiles targeting the terrorist infrastructure across sites in Pakistan-administered Kashmir and Punjab to prevent further attacks, but war fear builds. What does CZ have to say? Let’s discuss.
Changpeng Zhao Asks For Economic Rivalry, Not War
The crypto adoption is on the higher side in India and Pakistan, per Reuters and many others, so a war situation could affect the global crypto market, let alone the people. The Ukraine-Russia war has already brought massive turbulence. Notably, it is still affecting the financial market in many ways. As the world’s focus shifts to India’s ‘Operation Sindoor’, Changpeng Zhao also commented on the escalated situation.
In an X post, the former Binane CEO and the newly appointed Pakistan’s crypto advisor, CZ, have commented on India’s Operation Sindoor, hoping for people’s safety. More importantly, he asked for the economic rivalry instead of the India-Pakistan war, adding that we are all humans.
However, the CZ’s tweet received mixed reactions, where many, including the Kyrgyz Republic’s president, supported the peace mindset, while others called for CZ’s ignorance of the Pahalgam massacre. With the terror attack, 26 Indian tourists were brutally killed, alleged to have been funded by Pakistan.
The situation is adverse, with a number of deaths in India’s Operation Sindoor on both sides. As a result, there is a fear of escalation. Even the US President, Donald Trump, has commented in the hope of a sooner resolution and settlement.
Crypto Market Maintains Stability: Will it Alter?
For now, the crypto market remains relatively stable despite India’s Sindoor Operation and escalating war odds. As the crypto investors focused on the FOMC meeting result, ending today, the India-Pakistan war situation broke out unexpectedly.
Despite the unfavorable conditions, the Bitcoin price is rising, currently trading at $96.9k after a 3% surge in 24 hours. Moreover, many top altcoins are moving up amid the building market’s uncertainty. Experts claim the stability is due to investors’ anticipation of ‘No War,” as Changpeng Zhao suggested.
These assets’ further performance and the market depend on Jerome Powell’s speech today. Industry experts warn of potential high volatility, and if India and Pakistan enter a war, the market may witness a full-blown red week or more.
The crypto market is expected to experience high volatility as the crucial US CPI and PPI data are scheduled for this week. If the inflation rates come in higher than expected, it may trigger a sharp downturn in the crypto market, potentially sending Bitcoin’s price to significant lows.
Notably, the timing of these reports is crucial, as they precede the Federal Reserve’s meeting on March 18-19, influencing the central bank’s decision on interest rates. Let’s examine how the upcoming reports will shape the Fed’s decision and the potential fallout for the crypto market.
Crypto Market Braces for Impact: US CPI Report Looms
Significantly, the US CPI and PPI reports are slated for release this week, with the CPI report arriving on March 12 and the PPI report following on March 13. This has sparked anxiety among crypto traders and enthusiasts as these macroeconomic indicators could possibly evoke high market volatility.
According to a Reuters poll, the US CPI for February is expected to have climbed 0.3%. Wall Street expects that the CPI data will come at 2.9%. If the data showcases a surge in the inflation rate, a crypto market downfall could follow. Bryant VanCronkhite, the senior portfolio manager at Allspring Global Investments, stated,
A hot CPI print will likely scare the market. The market still wants the Fed to come to the rescue… Until inflation and inflation expectations come down, the Fed is handcuffed.
How Will CPI & PPI Data Impact Fed Rate Cut?
Interestingly, the Federal Reserve’s meeting comes following the US CPI and PPI data release. These reports could have a significant impact on the central bank’s decision on the interest rate as well as the crypto market.
The Fed is likely to maintain its benchmark interest rate at 4.25%-4.5% during the upcoming meeting, according to CME FedWatchtool Data. But, market expectations suggest further easing is on the horizon, with around 70 basis points of cuts anticipated by December, as indicated by Fed funds futures data from LSEG. If the PPI and CPI reports reveal a hot inflation rate, the Fed may opt to keep interest rates unchanged or even consider a hike.
Our policy stance is now less restrictive than it had been, and the economy remains strong. We do not need to be in a hurry to adjust our policy stance.
Will Bitcoin Price Explode or Correct?
In February, following the US CPI data release, the crypto market experienced a severe selloff. This led to the market’s massive fall of 3.3% to $3.1 trillion. As the CPI data marked a higher-than-expected inflation rate, Bitcoin plummeted to $94,000, down 3%.
Considering this, the crypto market is expected to face another downturn next week. In addition, Bitcoin ETFs marked significant outflows, recording a total of $409 million. 21Shares’ ARKB experienced the largest outflow of $160 million, followed by Fidelity’s FBTC with $154.9 million outflows.
However, analyst Crypto Caesar identifies the bearish sentiment as the last bear trap before entering the bull market.
Source: Crypto Caesar, X
Meanwhile, analyst Ali Martinez revealed that 63.13% of traders on Binance Futures have opened long positions on Bitcoin. This implies that the traders are optimistic about the Bitcoin price’s bullish ascendance in the future.
The crypto market this week has primarily propelled an optimistic sentiment among traders and investors globally by showcasing bullish price trajectories. Bitcoin (BTC) price has gained over 10% in the past seven days, nearing $94K. Whereas, major altcoins like Ethereum (ETH), Solana (SOL), and XRP surged 3%-11% weekly. Meanwhile, even the meme coin market saw DOGE, SHIB, and PEPE prices rallying unprecedentedly in the interim.
Mentioned below are some of the top cryptocurrency market highlights reported by CoinGape Media over the past week.
As per CoinMarketCap’s data, BTC price closed the week at $93,953, surging slightly over 10% over the past seven days. Primarily, the flagship coin saw a bullish action against the backdrop of a stockpile of optimistic developments this week.
CoinGape Media reported that Japan’s Metaplanet acquired another 330 BTC in one of its latest haul over the week.
On the other hand, Robert Kiyosaki has predicted that Bitcoin price is poised to hit $180,000 to $200,000 in 2025. Particularly, this bullish prediction gained significant traction across the broader crypto market as the flagship coin showcased other bullish signs, hinting that such a feat is possible.
BTC futures OI topped the $64 billion mark as the week came to an end, per Coinglass data. On the other hand, even the U.S. spot Bitcoin ETF products recorded $3 billion worth of inflows this week. Overall, the abovementioned market stats underscore substantially heightened market interest in Bitcoin over the past week.
Altcoin Mirror Bullishness
Simultaneously, major league altcoins have also witnessed a notable bullish movement in the past seven days.
ETH price rose over 11% weekly, closing this week near $1,800. This bullish action comes attributed to massive ETH whale accumulations, with reportedly $100 million worth of coins stacked by large-scale investors this week.
Besides, SOL price surged nearly 4% in the same duration, exchanging hands at $146. Even XRP price has followed the broader market trend, pumping over 4% weekly, reaching $2.16.
For context, Bitcoin and the broader crypto market appear to be witnessing a positive investor sentiment amid Donald Trump’s hint at further delay on certain tariffs. Other tokens like DOGE, SHIB, and PEPE also extended price gains to 12%-21% this week.
