A pivotal week is ahead for the cryptocurrency market, with many economic reports and other events. This coming week and its significant events are expected to determine the direction of the cryptocurrency market going forward.
Let’s quickly review this week’s significant events, PCE inflation and consider how they might affect the financial and cryptocurrency markets.
Essential Things to Keep an Eye on This Week
U.S. Federal Reserve Officials’ Remarks
Several Fed representatives are scheduled to speak this week. San Francisco Fed President Mary Daly’s speech will take place on Monday, June 24, after a television appearance by Chicago Fed President Austan Goolsbee.
Fed Governor Lisa Cook is scheduled to speak on Tuesday. During her speech, she will address the state of the economy and the Fed’s possible future actions on its policy rate plans. Furthermore, Fed Governor Michelle Bowman will give a speech on Friday. Fans of the cryptocurrency market will eagerly watch these talks for any clues about the Fed’s future position on rate hikes.
U.S. Economic Data Will Influence The Performance Of The Crypto Market
The cryptocurrency industry and the larger financial community are keenly anticipating this week’s important economic news. For example, on Tuesday, June 25, the Consumer Confidence data for May will be issued, and on Friday, the Consumer Sentiment (final) data for June will be issued.
Furthermore, on Thursday, June 27, the second adjustment of the first-quarter U.S. GDP figures will be made public. Notably, the U.S. PCE inflation figures, personal spending, and personal income are all slated to be reported on Friday.
Crypto market observers will keenly observe the U.S. PCE and Core PCE inflation figures to gain insight into the present state of inflationary pressure. PCE inflation is predicted to decrease from 2.7% in April to 2.6% in May on a year-over-year basis. Furthermore, the April 2.8% Core PCE inflation rate in the United States is anticipated to drop to 2.6%.
The Market for Crypto Expects FTX Hearing
A pivotal moment for the cryptocurrency market is expected to occur on June 25, when the FTX court hearing occurs. Daniel Yan, a co-founder of Matrixport, emphasized its significance, pointing out that this FTX Chapter 11 bankruptcy case might pave the way for a follow-up confirmation hearing defining the repayment plan’s completion schedule.
Participants in the cryptocurrency market will closely monitor the hearing in the interim to obtain information on FTX’s future and any possible effects on the larger crypto scene. The result could significantly impact market attitudes and tactics.
In summary
This week’s events will probably affect the mood of the cryptocurrency market. Notably, last week’s slow trading on the cryptocurrency market reflected investors’ declining willingness to take on risk.
Notably, last week saw a decline in Bitcoin and altcoins, with the U.S. Spot Bitcoin ETF reporting an outflow of more than $500 million. Positively, though, eight companies, including Fidelity, 21Shares, Grayscale, BlackRock, and others, submitted S-1 revisions for the U.S. Spot Ethereum ETF last week.
In light of this, the cryptocurrency market will closely monitor the U.S. Spot Bitcoin ETF’s future performance, which could affect the price of BTC. Ethereum will also receive attention from the market since it may trigger the much-anticipated altcoin rise.
