Last week saw a storm in the cryptocurrency market, as one of the most anticipated US Ethereum ETFs received regulatory approval from the Securities and Exchange Commission. It is worth noting that Bitcoin for along way with more than Alternative currencies It rose last week amid growing optimism. However, we have seen some volatility, mainly due to investors Take a pause And seek more clarity before making further bets.
But the momentum seems to be there It took a turn again On the weekend as investors appear to be regaining confidence in the digital assets space. So, let’s Take a Look at the key developments, This could affect the performance of the cryptocurrency market this week.
Cryptocurrency Market: Key Events to Watch This Week
Crypto market traders They are waiting impatiently Several events this week, including statements by Fed officials comments, And key US economic data. here we Discover the big Events that could shape the future of the financial sector, not to mention the cryptocurrency market.
Speeches of federal officials
This week, all eyes in the cryptocurrency market are on a series of speeches by US Federal Reserve officials, which are expected to shed insight into the central bank’s future interest 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 are eagerly awaiting signals amid signs of slowing inflation in the US.
next tothe cryptocurrency market will do so as well Track closely Of potential impacts on asset prices amid evolving economic sentiment and policy considerations.
Also Read: ETF Reflects Damage From Sam Bankman-Fried & CZ- Better Markets
The cryptocurrency market is preparing for major economic releases
Recent data, including consumer confidence from the University of Michigan and five-year inflation forecast numbers, have indicated upward trends. In addition, the latest US CPI data also showed that inflation slowed last month, boosting investor confidence.
Given this, investors will Maintain a close path Of upcoming US economic releases. On May 28, consumer confidence data was released It is scheduled For release, which would provide insight into the stream economic condition.
Next, Thursday 30 May Signs Crucial date with first quarter GDP data (first revision), Advance retail and wholesale inventories for April are scheduled. Crypto marketalong with Broader finance section We will closely track this economic data to gain insights into the health of the US economy.
In addition to another Important Data Included Personal income and spending, And key Measures of inflation such as personal consumption expenditures and core personal consumption expenditures index is expected to is released On May 31.
minimum
The cryptocurrency market has praised the recent approval of the US Spot Ethereum ETF By the SEC. In addition, the US Spot Bitcoin ETF has also gained notable traction, with inflows last week surpassing the $1 billion mark.
However, this week will be crucial, as speeches by Federal Reserve officials and… key Economic data will shape the future course of the broader cryptocurrency market. While the latest data point to a slowdown in inflation, any other negative catalyst could dampen inflation Investor sentiment.
Read also: Bitcoin price reaches $1 million, Strike CEO Jacques Muellers reveals a possible timeline