Business

US GDP, PCE Inflation, & Other Key Events To Watch This Week – Crypto News

Published

10 months ago

May 26, 2024

Dripp

The last week has taken the crypto market by storm, with one of the most anticipated U.S. Spot Ethereum ETFs receiving a regulatory nod from the SEC. Notably, Bitcoin along with most of the altcoins rallied last week amid the growing optimism. However, some volatility has been witnessed, mainly due to the investors taking a pause and seeking further clarity before making further bets.

But the momentum seems to have taken a turn again on the weekend as the investors seem to be regaining confidence in the digital assets space. So, let’s take a look at the key developments, that could influence the crypto market performance this week.

Crypto Market: Key Events To Watch This Week

The crypto market traders are eagerly waiting for several events this week, including the Fed officials’ remarks, and key U.S. economic data. Here we explore the big events that could shape the future of the financial sector, let alone the crypto market.

Federal Officials Speeches

This week in the crypto market, all eyes are on a series of speeches by U.S. Federal Reserve officials, anticipated for insights 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.

Following that, New York Fed President John Williams and Atlanta Fed President Raphael Bostic will be speaking on May 29. Meanwhile, the market enthusiasts are keenly awaiting signals amid indications of cooling U.S. inflation.

Besides, the cryptocurrency market will also keep close track of the speeches for potential impacts on asset prices amid evolving economic sentiments and policy considerations.

Also Read: Ethereum ETF To Mirror Damage Caused By Sam Bankman-Fried & CZ- Better Markets

Crypto Market Braces For Key Economic Releases

Recent data, including the University of Michigan Consumer Sentiment and 5-year inflation expectations figures, have hinted at bullish trends. In addition, the recent U.S. CPI data also showed that the inflation cooled last month, fueling investors’ confidence.

Considering that, the investors would be keeping a close track of the upcoming U.S. economic releases. On May 28, the Consumer Confidence data is scheduled for release, which would provide insights into the current economic condition.

Following that, Thursday, May 30 marks a crucial date with first quarter GDP data (first revision), and advanced retail and wholesale inventories for April scheduled. The crypto market, along with the broader financial sector will keep a close track of these economic data for insights on the U.S. economic health.

In addition, other important data including personal income and spending, and key inflation measures like the PCE and Core PCE index are expected to be released on May 31.

Bottom Line

The crypto market has lauded the recent approval of the U.S. Spot Ethereum ETF by the SEC. In addition, the U.S. Spot Bitcoin ETF has also gained notable traction, with last week’s inflow surpassing the $1 billion mark.

However, this week would be crucial, as the Federal Reserve officials’ speeches and the key economic data would shape the future trajectory of the broader crypto market. While the latest data signals cooling inflation, any other negative catalyst could dampen the sentiment of the investors.

Also Read: Bitcoin Price To Hit $1 Mln, Strike CEO Jack Mallers Unveils Potential Timeline

<!–

–>