Markets
PCE inflation and key events to shape investor sentiment this week
The crypto market is bracing for a crucial week with a flurry of economic releases and other focused events. It is expected that the upcoming week and key events will pave the way for the future of the crypto market.
so let’s take a quick look at the key events of the week and see how it can impact the financial sector as well as the crypto market.
Key events to watch this week
Comments from US Fed officials
Several Fed officials are expected to speak this week. On Monday, June 24, Chicago Fed President Austan Goolsbee will make a televised appearance, followed by a speech by San Francisco Fed President Mary Daly.
On Tuesday, Fed Governor Lisa Cook will deliver a speech in which she will discuss the current economic situation and possible future moves by the Fed regarding policy rates. Additionally, Fed Governor Michelle Bowman will speak on Friday. These speeches will be closely monitored by crypto market enthusiasts for potential clues to the market. The Fed
position ahead with their rate hike plans.
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US economic data will shape crypto market performance
The crypto market as well as the broader financial market is eagerly awaiting this week’s key economic data. For example, consumer sentiment data for May will be released on Tuesday, June 25, while (final) consumer sentiment data for June will be released on Friday.
In addition, the second revision of the US GDP First quarter data will be released on Thursday June 27. On Friday, data on personal income, personal spending and U.S. PCE inflation are expected to be released.
US PCE and Core PCE inflation data will be closely monitored by crypto market watchers, for more clarity on the current inflationary pressure. On an annual basis, the PCE inflation
is expected to calm down to 2.6% in May, compared to 2.7% the previous month. Additionally, US Core PCE inflation is also expected to decline to 2.6% from 2.8% in April.
Crypto Market Awaits FTX Hearing
The next FTX The June 25 court hearing is poised to be a critical event for the crypto market. Matrixport co-founder Daniel Yan highlighted its importance, noting that this hearing in FTX’s Chapter 11 bankruptcy process could pave the way for a subsequent confirmation hearing, clarifying the timeline for finalizing the bankruptcy program. refund.
Meanwhile, crypto market participants will be closely watching the hearing for insights into the future of FTX and potential impacts on the broader crypto landscape. The outcome could significantly influence market sentiment and strategies.
Conclusion
These events are likely to impact crypto market sentiment next week. Notably, the crypto market faced a slowdown in trading last week, reflecting investors’ diminishing appetite for risk.
Notably, Bitcoin, as well as altcoins, retreated last week, with the US Spot Bitcoin ETF noting an outflow of over $500 million. However, on a positive note, eight companies, including BlackRock, Fidelity, 21Shares, Grayscale and others, have filed. US Spot Ethereum ETF S-1 Amendments last week.
Considering this, the crypto market will be closely watching the upcoming performance of the US Spot Bitcoin ETF, which could impact the price of BTC. Furthermore, Ethereum will also attract market attention as it could lead to a long-awaited market. altcoins rally.
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