Markets
PCE Inflation and Key Events to Shape Investor Sentiment This Week
The crypto market is gearing up for a pivotal week, with a flurry of economic releases and other events in focus. The upcoming week and key events are predicted to set the future scenario for the crypto market.
So let’s take a quick tour of the week’s major events and see how it could impact the financial sector along with the crypto market.
Top events to watch this week
Comments from US Fed officials
Several Fed officials are expected to speak this week. On Monday, June 24, Chicago Fed President Austan Goolsbee will make a TV appearance, followed by a speech from San Francisco Fed President Mary Daly.
On Tuesday, Fed Governor Lisa Cook will give a speech, where she will be able to talk about the current economic condition and the Fed’s potential future movement with policy rate plans. Additionally, Fed Governor Michelle Bowman will speak on Friday. These speeches will be closely monitored by crypto market enthusiasts for possible clues about the Federal
future position with its rate increase plans.
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US economic data to shape crypto market performance
The crypto market, along with the broader financial market, is eagerly awaiting this week’s key economic data. For example, consumer confidence data for May will be released on Tuesday, June 25, while (final) consumer sentiment data for June will be released on Friday.
Furthermore, the second revision of the US GDP Q1 data will be released on Thursday, June 27. Notably, on Friday, US personal income, personal spending and PCE inflation data is scheduled to be released.
US PCE and Core PCE inflation data will be closely watched by crypto market watchers for clarity on current inflationary pressure. On an annual basis, the PCE inflation
it is expected to cool to 2.6% in May from 2.7% in the previous month. Additionally, US core PCE inflation is also expected to fall to 2.6% from 2.8% in April.
Crypto Market awaits FTX hearing
The next FTX The court hearing on June 25th will be a critical event for the crypto market. Matrixport co-founder Daniel Yan highlighted its importance, noting that this hearing in FTX’s Chapter 11 bankruptcy case could set the stage for a subsequent confirmation hearing by clarifying the timeline for finalizing the repayment package.
Meanwhile, crypto market participants will be closely watching the audience for insights into the future of FTX and potential impacts on the broader crypto landscape. The outcome could significantly influence market sentiment and strategies.
Conclusion
These events will likely impact crypto market sentiment next week. Notably, the crypto market faced slow trading last week, reflecting declining investor appetite for risky bets.
Notably, Bitcoin, along with altcoins, retreated last week, with the US Spot Bitcoin ETF observing outflows of more than US$500 million. However, on a positive note, eight companies, including BlackRock, Fidelity, 21Shares, Grayscale and others, have filed US Spot Ethereum ETF S-1 Amendments last week.
Considering this, the crypto market will closely monitor the upcoming performance of the US Spot Bitcoin ETF, which could impact the price of BTC. Furthermore, Ethereum will also attract market attention as it could lead to a long-awaited altcoins race.
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