As the cryptocurrency market Crypto Investors Inflation braces for a pivotal week, many economic data and other events will be front and center. Many believe next week’s events will determine the crypto market’s trajectory.
Here is a rundown of the week’s most meaningful events, and we’ll look at how they might affect the financial industry and the cryptocurrency market.
Key Events To Watch This Week
Comments From US Fed Officials
This week, we should see more speeches from Fed leaders. The speech of San Francisco Federal Reserve President Mary Daly will follow an appearance on television by Chicago Fed President Austan Goolsbee on Monday, June 24.
During her speech on Tuesday, Federal Reserve Governor Lisa Cook will have the opportunity to discuss the present economic situation and the Federal Reserve’s prospective future action regarding the policy rate plans. Federal Reserve Governor Michelle Bowman will also be speaking on Friday. Crypto market watchers will be listening intently to these lectures to glean clues about the Federal Reserve’s future stance on their plans to raise interest rates.
Also Read: Stablecoins: A Risk-Free Cryptocurrency Investment Option
US EcU.S.S.omic Data Will Influence Crypto Markets
Important economic data is expected this week, and the cryptocurrency market and the broader financial industry eagerly await it. For example, on Tuesday, June 25, we will get the May consumer confidence numbers; on Friday, June, we will get the final consumer sentiment numbers.
Additionally, on Thursday, June 27, the United States will disclose the second revision of its first-quarter GDP statistics. Importantly, Friday is when we may expect to see the publication of data on personal income, personal spending, and PCE inflation in the United States.
To better understand the current inflationary strain, crypto market analysts will attentively observe the U.S. and Core PCE infU.S.on figures. We anticipate that PCE inflation will increase to 2.6% in May from 2.7% in April year-over-year. Furthermore, the U.S. U.S. PCE inflation rate is expected to decrease to U.S. from 2.8% in April.
Crypto Market Awaits FTX Hearing
Crypto market participants should brace themselves for a pivotal occurrence on June 25 during the FTX court hearing. Daniel Yan, co-founder of Matrixport, emphasized its significance, saying that this hearing in the FTX Chapter 11 bankruptcy process might pave the way for a confirmation hearing, defining when the repayment plan will be finalized.
In the meantime, crypto market participants will watch the hearing closely for any clues about FTX’s future or any possible effects on the Crypto Investors Inflation sector. Market sentiment and strategy could be significantly affected by the outcome.
Bottom Line
The crypto market sentiment next week will be influenced by these developments. The crypto market experienced slow trade last week, indicating investors’ desire for risk-taking is dwindling. Last week, Bitcoin and other altcoins crashed, with the U.S. U.S. Bitcoin ETF recording a withdrawal of morU.S.an $500 million. On the bright side, eight companies submitted amended S-1 forms for the U.S. U.S. Ethereum ETF last week. These companies include BlaU.S.ck, Fidelity, 21Shares, Grayscale, and others.
Therefore, the crypto market will closely monitor the impending performance of the U.S. U.S. BiU.S.n ETF, which may affect the price of BTC. Also, investors will be watching Ethereum closely since it has the potential to spark a much-anticipated surge in altcoins.
