The previous week has been wild for the crypto market, as the SEC approved one of the most anticipated U.S. Spot Ethereum ETFs. Notably, last week’s rising optimism caused Bitcoin and most altcoins to rise. There has been some volatility, though, mostly due to investors pausing to wait for more information before placing new bets.
However, the momentum appears to have changed again over the weekend as investors appear to be recovering faith in the digital asset market. So, let’s examine the major events that may impact the cryptocurrency market’s performance this week.
Key Events To Watch This Week In The Crypto Market
Cryptocurrency traders are highly anticipating this week’s events, including statements by Fed officials and significant U.S. economic statistics. Here, we examine the major occasions that may influence the cryptocurrency market and the future of the financial industry.
Speeches by Federal Officials
The U.S. Federal Reserve’s upcoming policy rates are expected to be revealed during a series of talks by officials this week, which the cryptocurrency market will closely watch. On May 28, lectures by Fed President Mary Daly of San Francisco, Fed Governor Lisa Cook, and Minneapolis Fed President Neel Kashkari are scheduled.
After that, on May 29, Presidents John Williams of the New York Fed and Raphael Bostic of the Atlanta Fed will speak. In the meantime, investors anxiously await news amid signs that U.S. inflation is slowing down.
Additionally, the cryptocurrency market will closely monitor the talks in light of shifting economic emotions and policy considerations for potential effects on asset values.
Crypto Market Awaits Important Economic Announcements
Recent data, such as the University of Michigan Consumer Sentiment and 5-year inflation expectations estimates, have shown bullish patterns. Furthermore, the latest U.S. CPI data indicated that last month’s inflation decreased, which bolstered investor confidence.
Investors will be closely monitoring the impending U.S. economic releases in light of that. The Consumer Confidence statistics, which will provide insight into the economy’s current state, are expected to be released on May 28.
The first quarter GDP statistics (first revision) and the advanced retail and wholesale inventories for April are scheduled for Thursday, May 30, a critical date after that. For information on the state of the U.S. economy, the cryptocurrency market and the larger financial industry will closely monitor these economic figures.
Other significant data, such as personal income and consumption and major inflation indicators like the PCE and Core PCE index, are anticipated to be released on May 31.
Bottom Line
The cryptocurrency industry has praised the SEC. Moreover, the U.S. Spot Bitcoin ETF has grown significantly; last week, its intake surpassed $1 billion.
But this week will be significant because the comments made by Federal Reserve officials and the important economic data will determine how the larger cryptocurrency market develops going forward. Even while the most recent data points to a slowing inflation rate, any more unfavorable event could make investors less optimistic.
