The cryptocurrency market is gearing up for a crucial week with a flurry of economic releases and other events in the spotlight. It is anticipated that the upcoming week and key events will set the future scenario for the cryptocurrency market.
So, let's take a quick tour of the key events of the week and see how they can affect the financial sector along with the crypto market.
Key events to watch this week
Comments from US Federal Reserve officials
Several Federal Reserve officials are expected to speak this week. On Monday, June 24, Chicago Federal Reserve Bank President Austan Goolsbee will make a television appearance, followed by a speech by San Francisco Federal Reserve Bank President Mary Daly.
On Tuesday, Federal Reserve Governor Lisa Cook will give a speech in which she can discuss the current economic situation and possible future actions by the Federal Reserve regarding official interest rate plans. Additionally, Federal Reserve Governor Michelle Bowman will speak on Friday. These speeches will be closely monitored by crypto market enthusiasts for possible clues about the the Federal Reserve next stance with its rate hike plans.
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US economic data to shape crypto market performance
The crypto market, along with the broader financial market, is eagerly awaiting this week's key economic data. For example, consumer confidence data for May will be released on Tuesday, June 25, while consumer sentiment data (final) for June will be released on Friday.
Furthermore, the second revision of the US GDP First quarter data will be published on Thursday, June 27. Notably, data on personal income, personal spending and US PCE inflation are scheduled to be released on Friday.
Crypto market watchers will closely monitor the PCE and US Core PCE inflation data to shed light on the current inflation pressure. In year-on-year terms, the PCE inflation It is expected to cool to 2.6% in May from 2.7% the previous month. Additionally, US core PCE inflation is also expected to decline to 2.6% from 2.8% in April.
Crypto Market Awaits FTX Hearing
The next ftx The June 25 court hearing is set to be a critical event for the crypto market. Matrixport co-founder Daniel Yan highlighted its importance, noting that this hearing in FTX's Chapter 11 bankruptcy process could lay the groundwork for a subsequent confirmation hearing, clarifying the timeline for finalizing the payment package.
In the meantime, crypto market participants will be watching the hearing closely for information on the future of FTX and potential impacts on the broader crypto landscape. The result can significantly influence market sentiment and strategies.
Bottom line
These events are likely to impact crypto market sentiment next week. Notably, the cryptocurrency market faced slow trading last week, reflecting investors' waning appetite for risky bets.
Notably, Bitcoin, along with altcoins, retreated last week, with the US Spot Bitcoin ETF observing an outflow of more than 500 million dollars. However, on a positive note, eight companies, including BlackRock, Fidelity, 21Shares, Grayscale and others, have filed US Ethereum Spot ETF S-1 Modifications last week.
With this in mind, the crypto market will closely monitor the upcoming performance of the US Bitcoin Spot ETF, which could impact the price of BTC. Furthermore, Ethereum will also attract market attention as it could lead to a long-awaited alternative currencies meeting.
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