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US GDP, PCE inflation and other key events to watch this week
Last week took the crypto market by storm, with one of the most anticipated Spot Ethereum ETFs in the US receiving a regulatory green light from the SECOND. Notably, Bitcoin as well as most altcoins rallied last week amid growing optimism. However, some volatility was seen, mainly due to investors taking a breather and seeking more clarity before making new bets.
But momentum appears to have turned a corner this weekend as investors appear to be regaining confidence in the digital asset space. So let’s take a look at the main developments that could influence the crypto market’s performance this week.
Crypto Market: Key Events to Watch This Week
Crypto market traders are looking forward to several events this week, including remarks from Fed officials and key economic data from the United States. Here we explore the big events that could shape the future of the financial sector, not to mention the crypto market.
Speech by federal officials
This week in the crypto market, all eyes are on a series of speeches from US Federal Reserve officials, expected to provide insight 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.
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 indications of cooling in the United States. inflation.
Moreover, the cryptocurrency The market will also closely monitor discourse regarding potential impacts on asset prices amid evolving economic sentiments and political considerations.
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Crypto Market Prepares for Key Economic Releases
Recent data, including from the University of Michigan on consumer sentiment and 5-year inflation expectations figures, hinted at upward trends. Furthermore, the recent US CPI Data also showed that inflation slowed last month, boosting investor confidence.
Given this, investors would closely follow the next US economic publications. On May 28, consumer confidence data is expected to be released, which would provide insight into the current economic situation.
Then, Thursday May 30 marks a crucial date with first quarter GDP data (first revision), and advanced retail and wholesale stocks are forecast for April. The crypto market, as well as the financial industry as a whole, will be closely monitoring this economic data to gain insight into the economic health of the United States.
Additionally, other important data, including personal income and spending, as well as key inflation measures such as the PCE Index and Core PCE, are scheduled to be released on May 31.
Conclusion
The crypto market welcomed the recent approval of the US Spot Ethereum ETF by the SEC. Furthermore, the US Spot Bitcoin ETF has also been gaining ground, with last week’s inflow surpassing the $1 billion mark.
However, this week would be crucial as speeches from Federal Reserve officials and key economic data would shape the future trajectory of the broader crypto market. While the latest data signals a slowdown in inflation, any further negative catalysts could dampen investor confidence.
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