Knowing and following macroeconomic developments in advance can ensure success in crypto markets. In this article, we have compiled important financial developments and dates that will potentially affect all financial markets in the coming week. Here are the details…
The eye of the cryptocurrency space is on these developments.
The week begins on Monday, May 29, with US Markets closed for Memorial Day. This holiday provides a break for traders and investors in the United States that impacts market activity. On Tuesday, May 30, at 17:00 CET, data on US CB consumer confidence are emerging. On Wednesday, May 31, the focus turns to the Beige Book report and the Federal Reserve, which will be released at 9:00 pm. This report provides valuable information on economic conditions in various regions of the United States, giving investors an overview of the country’s economic health.
On the same day, the US Congress is expected to vote on raising the US debt ceiling. This vote is crucial as it determines the government’s ability to borrow and meet its financial obligations. Setting the deadline for this vote to be June 1 puts pressure on lawmakers to come to an agreement to avoid a possible default. In addition, $252 million worth of Optimism (OP) tokens will be unlocked on Wednesday. The locking and launch of tokens could potentially affect the supply and demand dynamics of the token, as well as its price and market sentiment.
Also on Wednesday, Fed officials Bowman, Jefferson and Harker will speak. In the morning of May 31, China’s PMI data will be revealed. In addition, European Central Bank Christine Lagarde will give a speech at 15:30 CEST.
June 1 is critical for all markets
On Thursday, June 1, there will be important developments in the crypto space. cryptocoin.com As we have reported, Hong Kong is preparing to offer opportunities for crypto enthusiasts in the region by launching crypto trading for individual investors. Additionally, Hong Kong will begin accepting license applications from crypto companies, which will demonstrate the city’s growing acceptance and regulatory framework for the industry.
But Thursday’s most critical event remains the deadline for the US debt ceiling. Failure to raise the debt ceiling could result in government shutdown and potential economic repercussions. As the deadline approaches, market participants will closely monitor updates and developments in this regard. On June 1, US PMI data, China’s Caixin trade index, inflation data of the euro area will also be revealed.
Altcoin developments towards the end of the week draw attention
On Friday, June 2, data on US Non-Farm Payrolls, a highly anticipated economic indicator, will be released. The market will curiously analyze the numbers including the number of jobs added or lost outside of the agricultural sector. A stronger-than-expected report may increase market sentiment, while a weaker report may raise concerns about the state of the labor market. On the same day, it will unlock a $100 million worth of tokens for 1inch (1INCH) tokens. Similar to the OP token release, this event could generate interest and potentially affect price and market sentiment surrounding the 1INCH token. On Saturday, June 3, SUI will also unlock $61 million in tokens. On Sunday, June 4th, the Aurora Web3 conference will take place.
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