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US GDP, PCE inflation and other key events to watch this week
The cryptocurrency market has taken the cryptocurrency market by storm over the past week, with one of the most anticipated US Spot Ethereum ETFs receiving regulatory approval from the SEC. Notably, Bitcoin, along with most altcoins, rallied last week amid growing optimism. However, some volatility was observed, mainly due to investors taking a breather and seeking further clarity before making further bets.
But momentum appears to have picked up a gear over the weekend as investors appear to regain confidence in the digital assets space. So, let’s take a look at the key developments that could influence the cryptocurrency market’s performance this week.
Cryptocurrency Market: Key Events to Watch This Week
Cryptocurrency market traders are eagerly awaiting several events this week, including remarks from Fed officials and key U.S. economic data. Here we explore the big events that could shape the future of the financial sector, not to mention the cryptocurrency market.
Speeches by federal officials
This week in the cryptocurrency market, all eyes are on a series of speeches from US Federal Reserve officials, awaited for insights into the central bank’s future key rates. Scheduled speeches include Minneapolis Fed President Neel Kashkari, Fed Governor Lisa Cook and San Francisco Fed President Mary Daly on May 28.
Next, New York Fed President John Williams and Atlanta Fed President Raphael Bostic will speak on May 29. Meanwhile, market enthusiasts eagerly await signs amid indications of a cooling US. inflation.
In addition to cryptocurrency The market will also closely monitor discussions for potential impacts on asset prices in the context of evolving economic sentiment and political considerations.
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The cryptocurrency market prepares for key economic releases
Recent data, including University of Michigan consumer confidence and 5-year inflation expectations figures, hinted at bullish trends. Furthermore, the recent US CPI data also showed inflation cooled last month, boosting investor confidence.
With this in mind, investors will keep an eye on upcoming US economic releases. Consumer confidence data is scheduled to be released on May 28, which will provide information on the current economic condition.
Subsequently, Thursday 30 May marks a crucial date First quarter GDP data (first revision) and advanced retail and wholesale inventories forecast for April. The cryptocurrency market, along with the financial sector at large, will track this economic data to gain insights into the economic health of the United States.
Additionally, other important data is expected to be released on May 31, including personal income and spending, and key inflation measures such as the PCE Index and Core PCE.
Bottom line
The cryptocurrency market has praised the recent approval of the US Ethereum spot ETF by the SEC. Furthermore, the Spot Bitcoin ETF in the United States it has also gained considerable momentum, with inflows last week surpassing the $1 billion mark.
However, this week would be crucial, as Federal Reserve officials’ speeches and key economic data would determine the future trajectory of the broader cryptocurrency market. While the latest data points to cooling inflation, any further negative catalysts could dampen investor sentiment.
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