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US GDP, PCE Inflation, and Other Key Events to Watch This Week
The last week has taken the crypto market by storm, with one of the most anticipated US Spot Ethereum ETFs receiving a regulatory nod from the SEC. Notably, Bitcoin, along with most altcoins, rallied last week amid growing optimism. However, some volatility was witnessed, mainly due to investors pausing and seeking more clarity before placing new bets.
But the dynamic appears to have changed again over the weekend as investors appear to be regaining confidence in the digital asset space. So let’s take a look at the key developments that could influence crypto market performance this week.
Crypto Market: Top Events to Watch This Week
Crypto market traders are eagerly awaiting several events this week, including comments from Fed officials and key US economic data. Here we explore the big events that could shape the future of the financial sector, let alone the crypto market.
Speeches by federal authorities
This week in the crypto market, all eyes are on a series of speeches from US Federal Reserve officials, expected to gain insight into the central bank’s future policy rates. Scheduled speeches include Minneapolis Fed President Neel Kashkari, Fed Governor Lisa Cook and San Francisco Fed President Mary Daly on May 28.
After that, New York Fed President John Williams and Atlanta Fed President Raphael Bostic will speak on May 29. Meanwhile, market enthusiasts eagerly await signals amid indications of cooling in the US. inflation.
Besides the cryptocurrency The market will also closely monitor discourse on potential impacts on asset prices in the context of evolving economic sentiments and political considerations.
Read too: Ethereum ETF to Mirror Damage Caused by Sam Bankman-Fried & CZ- Better Markets
Crypto market prepares for important economic releases
Recent data including consumer sentiment from the University of Michigan and 5-Year Inflation Expectations numbers, suggested upward trends. Furthermore, the recent US CPI The data also showed that inflation cooled last month, boosting investor confidence.
Considering this, investors would closely monitor the upcoming US economic releases. On May 28th, data on consumer confidence is scheduled to be released, which will provide information on the current economic condition.
After that, Thursday, May 30th marks a crucial date with first quarter GDP data (first review), and advanced retail and wholesale inventories scheduled for April. The crypto market, along with the broader financial sector, will closely monitor this economic data for insights into US economic health.
Additionally, other key data, including personal income and expenses, and key inflation measures such as the PCE and Core PCE Index, are expected to be released on May 31.
Conclusion
The crypto market praised the recent approval of the US Spot Ethereum ETF by the SEC. Furthermore, the US Spot Bitcoin ETF has also gained notable traction, with last week’s inflow surpassing the billion-dollar mark.
However, this week would be crucial as speeches from Federal Reserve officials and key economic data would shape the future trajectory of the broader crypto market. Although the most recent data indicates a cooling in inflation, any other negative catalyst could dampen investor sentiment.
Read too: Bitcoin Price Will Hit $1 Million, Strike CEO Jack Mallers Reveals Potential Timeline