The crypto market is bracing for a crucial week with a flurry of economic releases and other events in focus. It is anticipated that the upcoming week and the key events will set the future stage for the crypto market.
so, let’s take a quick tour of the key events for the week, and see how it may impact the financial sector along with 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 TV appearance, followed by San Francisco Fed President Mary Daly’s Speech.
On Tuesday, Fed Gov. Lisa Cook will be giving a speech, where she can talk about the current economic condition and the Fed’s potential future move with the policy rate plans. In addition, Fed Gov. Michelle Bowman will be speaking on Friday. These speeches will be closely monitored by the crypto market enthusiasts for potential cues on the Fed’s upcoming stance with their rate-hike plans.
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US Economic Data To Shape Crypto Market Performance
The crypto market along with the broader financial market eagerly awaits the key economic data this week. For instance, the Consumer Confidence data for May will be released on Tuesday, June 25, while the Consumer Sentiment (final) data for June will be released on Friday.
In addition, the second revision of the U.S. GDP data for the first quarter will be released on Thursday, June 27. Notably, on Friday, the Personal Income, Personal Spending, and the U.S. PCE inflation data are scheduled to be released.
The U.S. PCE and Core PCE inflation data will be closely watched by the crypto market watchers, for clarity on the current inflationary pressure. On a YoY basis, the PCE inflation is expected to cool down to 2.6% in May from 2.7% in the prior month. Besides, the U.S. Core PCE inflation is also expected to move down to 2.6% from 2.8% in April.
Crypto Market Awaits FTX Hearing
The upcoming FTX court hearing on June 25 is poised to be a critical event for the crypto market. Matrixport co-founder Daniel Yan highlighted its importance, noting that this hearing in the FTX Chapter 11 bankruptcy process could set the stage for a subsequent confirmation hearing, clarifying the timeline for finalizing the repayment package.
Meanwhile, crypto market participants will keenly observe the hearing for insights on FTX’s future and the potential impacts on the broader crypto landscape. The outcome may significantly influence market sentiment and strategies.
Bottom Line
These events are likely to impact the crypto market sentiment next week. Notably, the crypto market faced sluggish trading last week, reflecting the waning risk-bet appetite of the investors.
Notably, Bitcoin, along with the altcoins, retreated last week, with the U.S. Spot Bitcoin ETF noting outflux of over $500 million. However, on a positive note, eight firms including BlackRock, Fidelity, 21Shares, Grayscale, and others, have filed U.S. Spot Ethereum ETF S-1 amendments last week.
Considering that, the crypto market will keep a close watch on the upcoming performance of the U.S. Spot Bitcoin ETF, which might impact the BTC price. In addition, Ethereum will also attract market attention, as it might lead to a long-awaited altcoins rally.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
