Cryptocurrencies are entering a critical week with the upcoming economic data release and other important events. The developments that will take place this week are expected to shape the future of the crypto market. Let’s take a closer look at the important events and how they may impact the crypto market:
Statements from FED officials and US data may be important for cryptocurrencies
Various FED officials are expected to speak throughout the week. On Monday, Chicago FED President Austan Goolsbee will participate in the television program, followed by the speech of San Francisco FED President Mary Daly. The speech of FED Board Member Lisa Cook on Tuesday will be closely followed by the markets. In this speech, Cook may give clues about the current economic situation and the FED’s future interest rate hike plans. On Friday, FED Board Member Michelle Bowman will speak.
These conversations will be closely followed by cryptocurrency market investors looking for clues about the FED’s approach to interest rate hike plans. On the other hand, the crypto market, along with the broader financial market, is eagerly awaiting the important economic data to be released this week. May Consumer Confidence data will be announced on Tuesday, and June Consumer Confidence (final) data will be announced on Friday. Additionally, the second revision of first quarter US GDP data is scheduled to be released on Thursday, while Personal Income, Personal Expenditure and US PCE inflation data are scheduled to be released on Friday.
Crypto market players will closely monitor US PCE and Core PCE inflation data to gain clarity on inflation pressure. On an annual basis, PCE inflation is expected to fall to 2.6% in May from 2.8% in April. US Core PCE inflation is also expected to fall to 2.6% from 2.8% in April.
Crypto market awaits FTX hearing
The FTX hearing, which will take place on June 25, is seen as a critical event for the cryptocurrencies market. Matrixport Co-Founder Daniel Yan emphasized the importance of this hearing in FTX’s Chapter 11 bankruptcy process, stating that it could set the stage for the next confirmation hearing, which will clarify the timeline for completion of the repayment package.
Meanwhile, crypto market participants will be keeping a close eye on the hearing for clues about the future of FTX and its potential impacts on the broader crypto landscape. The results of the hearing could significantly impact market sentiment and investor strategies. These events are likely to have a significant impact on the crypto market in the coming week. The crypto market remained stagnant last week, reflecting the decline in investors’ risk appetite.
Ethereum ETF is eagerly awaited
In addition to the decline in Bitcoin and altcoins, there was an outflow of over $500 million from the US Spot Bitcoin ETF last week. But in a positive development, eight firms including BlackRock, Fidelity, 21Shares, Grayscale and others filed for the US Spot Ethereum ETF S-1 amendment last week.
Therefore, the crypto market will closely monitor the performance of the US Spot Bitcoin ETF in the coming period, which may affect the Bitcoin price. Additionally, as Kriptokoin.com reported, Ethereum will also attract market attention as it could lead a long-awaited altcoin rally.
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