The past week has been a roller coaster of excitement and cautious optimism in the crypto market. The approval of the long-awaited US Spot Ethereum ETF by the SEC has sent shockwaves through the market. Cryptocurrencies have experienced a collective rise. However, a wave of profit-taking and ongoing uncertainties have caused some volatility and prompted investors to remain cautious. This week will be just as important. There are a number of events that may significantly affect the future course of the crypto market. We have compiled for you the important developments to follow:
Fed officials take the stage
All eyes will be on the statements of US FED officials this week. Investors are looking forward to learning about the central bank’s future interest rate stance. Planned speakers include heavyweights like Minneapolis Fed President Neel Kashkari, Fed Governor Lisa Cook and San Francisco Fed President Mary Daly. The market is particularly interested in any signals regarding potential cooling US inflation.
Cryptocurrencies depend on economic data
Recent economic data points such as University of Michigan Consumer Confidence and 5-year inflation expectations have created a sense of cautious optimism in the market. Cooling inflation figures reported in the latest US CPI data further increased investor confidence. With this positive momentum, upcoming US economic releases will be closely monitored.
Important dates to remember:
- May 28: Consumer Confidence data will be released and will provide valuable information about the current state of the US economy.
- May 30: This represents an important day for the release of the first revision of first-quarter GDP data, as well as improved retail and wholesale inventories for April. Both the crypto market and the broader financial sector will carefully analyze this data to get a clearer picture of the health of the US economy.
- May 31: Personal income and expenditure data, as well as key inflation measures such as the PCE and the Core PCE index, are planned to be published. These metrics will provide greater clarity on the economic landscape.
Meanwhile, cryptokoin.com As we reported, the recent approval of the US Spot Ethereum ETF by the SEC is a major victory for the crypto market. Additionally, the US Spot Bitcoin ETF has also gained significant momentum, with inflows exceeding $1 billion last week. But this week serves as a turning point. Statements from Fed officials and upcoming economic data releases have the power to determine the future course of the crypto market. Although current data shows cooling inflation, any unforeseen negative catalyst could disrupt investor sentiment and trigger another round of volatility.
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