Top Crypto News This Week: FOMC, Sui Gaming Summit, $80 Million FTN Unlocks, and More

The crypto market remains volatile into the third week of March. Several key events this week in crypto could exacerbate this volatility, capturing the attention of traders, developers, and enthusiasts alike.

From the Federal Open Market Committee’s (FOMC) interest rate decision to the Sui Gaming Summit and an $80 million token unlock, here is what crypto market participants need to watch this week.

FOMC Interest Rate Decision and Powell’s Speech

On Wednesday, March 19, the FOMC will announce its latest decision on interest rates. Shortly after, Federal Reserve Chair Jerome Powell will make his speech, providing further clarity on the policymakers’ outlook on inflation in the US.

“Polymarket is pricing in a 100% chance that the Fed ends QT before May. If Powell even whispers “QE” at the next FOMC, markets will move fast. But knowing Powell, he’ll keep it as vague as possible,” crypto analyst Kyledoops noted.

As BeInCrypto reported, this is among the US economic data driving Bitcoin sentiment this week. According to the CME FedWatch Tool, market consensus suggests rates will remain steady at 4.25% to 4.5%. Recent economic data shows a strong job market and inflation cooling to 2.8%—still above the Fed’s 2% target- bolsters this expectation.

Powell’s recent remarks at a policy forum in New York hinted at patience. He said that the Fed was in no rush to cut interest rates.

“We do not need to be in a hurry, and are well positioned to wait for greater clarity,” Powell stated.

Crypto traders are on edge, as higher interest rates typically dampen risk-on assets like Bitcoin, making safer investments more attractive.

Fluid Announcement

Fluid is reportedly gearing up for a significant announcement, making the decentralized finance (DeFi) protocol a key watch this week in crypto. Fluid has been making waves in the DeFi space with its novel approach to lending and borrowing.

Meanwhile, the protocol recently launched a money market on Polygon featuring high loan-to-value (LTV) ratios. It also advertised low liquidation penalties and competitive rates for assets like USDC, USDT, ETH, wstETH, and POL. After its Total Value Locked (TVL) hit an all-time high, topping out at $951.26 million in February, these products came.

The impending announcement could involve several possibilities. Speculation points to expanded staking options, new yield farming opportunities, or a multi-asset vault enhancement, building on its existing offerings. Others also speculate on a new tool for arbitrage mining that could benefit users.

Given Fluid’s focus on efficiency and user incentives, the reveal might further introduce features to boost liquidity or reward long-term holders.

Sui Gaming Summit

The Sui Gaming Summit starts tomorrow, March 18, to highlight the Sui blockchain’s potential in the gaming sector. With its high-throughput design and low transaction costs, Sui aims to lure developers to build NFT-driven games and metaverse projects.

Panels featuring industry leaders and live demos will highlight Sui’s edge over competitors like Solana. The summit could catalyze a value boost for SUI token price if adoption news emerges or if they reveal a new partnership.

Nevertheless, it is worth noting that summits are hype machines. Community members should monitor developer turnout and concrete announcements, as an empty buzz will not sustain momentum.

BeInCrypto data shows SUI was trading for $2.29 as of this writing, after a drop of almost 2% in the last 24 hours.

Rumors of SEC vs. Ripple Development

Whispers of a breakthrough in the SEC vs. Ripple lawsuit are swirling, though nothing is confirmed. The case, which has been ongoing since 2020, hinges on whether XRP is a security. Rumors suggest a settlement or ruling could be imminent, potentially lifting a regulatory cloud over XRP.

“Update: Two SEC sources believe Ripple case is very close to ending,” Andrew, a popular user on X, noted.

However, the crypto community remains skeptical after years of delays, citing possibilities as to why the SEC case with Ripple remains unresolved. One community member cited its high-profile nature as setting precedence. In addition, there is a lot of money at stake, and reputations are at play.

$80 Million FTN Token Unlock

Rounding up the list of top crypto news this week, the Fasttoken ecosystem will unlock 20 million FTN tokens worth $79.8 on Tuesday. These tokens comprise 4.65% of the FTN token’s circulating supply.

Token unlocks often spark sell-offs as early investors and team members cash out, potentially flooding the supply. FTN’s role in futures trading makes this event particularly relevant for derivatives traders. While some brace for a dump in FTN prices, others remain hopeful of demand spikes. Nevertheless, this could also be a non-event if staked FTN stays locked.