Markets
PCE inflation and key events that will influence investor sentiment this week
The cryptocurrency market is gearing up for a pivotal week with a flurry of economic releases and other events in focus. The coming week and key events are expected to set the stage for the future of the cryptocurrency market.
so, let’s take a quick tour of the key events of the week and see how they could impact the financial sector along with the cryptocurrency market.
Key events to watch this week
Comments from US Fed officials
Several Fed officials are expected to speak this week. Chicago Fed President Austan Goolsbee will make a television appearance on Monday, June 24, followed by a speech from San Francisco Fed President Mary Daly.
On Tuesday, Fed Governor Lisa Cook will give a speech where she can talk about the current economic condition and the Fed’s potential future move with rate plans. Additionally, Fed Governor Michelle Bowman will speak on Friday. These talks will be closely monitored by cryptocurrency market enthusiasts for potential insights into the of the Fed
imminent stance with their rate hike plans.
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US economic data will influence the performance of the cryptocurrency market
The cryptocurrency 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 (final) consumer confidence data for June will be released on Friday.
Furthermore, the second revision of the GDP of the United States data for the first quarter will be published on Thursday 27 June. In particular, data on personal income, personal spending and PCE inflation in the United States is scheduled to be released on Friday.
US PCE and core PCE inflation data will be closely monitored by cryptocurrency market watchers, for clarity on the current inflationary pressure. On an annual basis, the PCE inflation
it is expected to decline to 2.6% in May compared to 2.7% in the previous month. Additionally, Core PCE inflation in the US is also expected to fall to 2.6% from 2.8% in April.
The cryptocurrency market awaits the FTX hearing
The imminent FTX The June 25 court hearing is set to become a critical event for the cryptocurrency market. Matrixport co-founder Daniel Yan highlighted the importance of this, noting that this hearing in the FTX Chapter 11 bankruptcy process could lay the groundwork for a subsequent confirmation hearing, clarifying the timeline for finalizing the reimbursement package.
In the meantime, cryptocurrency market participants will be closely watching the hearing to gain insights into the future of FTX and potential impacts on the broader cryptocurrency landscape. The outcome could significantly influence market sentiment and strategies.
Bottom line
These events are likely to impact cryptocurrency market sentiment next week. In particular, the cryptocurrency market saw a slowdown in trading last week, reflecting investors’ declining appetite for risk.
Notably, Bitcoin, along with altcoins, retreated last week, with the Spot Bitcoin ETF in the United States noting an outflow of more than $500 million. However, on a positive note, eight companies, including BlackRock, Fidelity, 21Shares, Grayscale and others, have filed for S-1 Changes to the US Spot Ethereum ETF last week.
Considering this, the cryptocurrency market will closely follow the upcoming performance of the US Spot Bitcoin ETF, which could impact the price of BTC. Furthermore, Ethereum will also attract the market’s attention, as it could lead to a long-awaited outcome altcoins rally.
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