Crypto Market: PCE Inflation & Key Events To Shape Investors Sentiment This Week

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As a researcher with a background in economics and finance, I find this upcoming week to be particularly intriguing for both the traditional financial markets and the crypto market. The flurry of economic releases and other events scheduled for the week could significantly impact the future direction of these markets.

As a researcher studying the cryptocurrency market, I’m excitedly anticipating the upcoming week, which promises to be pivotal with several significant economic releases and events on the horizon. The impact of these developments is expected to shape the future trajectory of the crypto market.

Let’s explore the major happenings of the past week and consider their potential implications for the financial world and cryptocurrencies.

Key Events To Watch This Week

Comments From US Fed Officials

As a researcher, I have gathered that several Federal Reserve officials are set to deliver speeches this coming week. Specifically, on Monday, the 24th of June, Chicago Federal Reserve President Austan Goolsbee will make an appearance on television. Subsequently, on the same day, San Francisco Federal Reserve President Mary Daly is scheduled to give a speech.

On Taylor, Federal Governor Lisa Cook is scheduled to deliver a speech on this coming Tuesday. During her address, she may discuss the present economic landscape and hint at the Federal Reserve’s possible adjustments to its policy rate strategies in the future. Furthermore, Michelle Bowman, another Federal Governor, is slated to speak on Friday. The crypto market community will closely follow these speeches for any indications of the Fed’s impending position regarding rate hikes.

US Economic Data To Shape Crypto Market Performance

As a crypto investor, I’m keeping a close eye on the upcoming economic data releases this week. For instance, I’m looking forward to seeing the Consumer Confidence index for May, which is scheduled for publication on Tuesday, June 25. Additionally, I won’t want to miss the final Consumer Sentiment data for June, which is due out on Friday. These reports have the potential to significantly impact both the crypto and broader financial markets.

As a crypto investor, I’m keeping a close eye on the economic calendar this week. On Thursday, I’ll be looking forward to the second revision of the U.S. GDP data for the first quarter, which will provide updated insights into the country’s economic growth. Furthermore, I’m eagerly anticipating the release of key economic indicators on Friday: Personal Income, Personal Spending, and the U.S. PCE inflation data. These reports will give us valuable information about consumers’ income levels, spending habits, and inflation trends.

As a financial analyst, I’ll be keeping a close eye on the upcoming U.S. PCE and Core PCE inflation data releases. These figures are crucial indicators of current inflationary pressures, which have significant implications for the crypto market. According to forecasts, the year-over-year (YoY) PCE inflation rate is predicted to decline from 2.7% in April to 2.6% in May. Similarly, the Core PCE inflation rate, which excludes food and energy prices, is expected to decrease from 2.8% in April to 2.6% in May.

Crypto Market Awaits FTX Hearing

As a crypto investor, I’m keeping a close eye on the upcoming FTX court hearing scheduled for June 25. This event holds significant weight for the crypto market, as outlined by Matrixport co-founder Daniel Yan. The hearing in the FTX Chapter 11 bankruptcy process could pave the way for a subsequent confirmation hearing, providing much-needed clarity regarding the timeline for finalizing the repayment plan.

During the hearing, crypto market players will closely watch FTX’s proceedings for clues about its future and any possible repercussions for the wider crypto community. The results could have a substantial impact on market mood and trading plans.

Bottom Line

As a researcher studying the crypto market, I can tell you that several developments are expected to influence the market sentiment in the coming week. Last week, we witnessed subdued trading activity, which is indicative of decreasing risk appetite among investors.

Last week, Bitcoin and various other cryptocurrencies experienced a setback, with over $500 million worth of investments being withdrawn from the U.S. Spot Bitcoin ETF. Nevertheless, there’s good news: During the same period, applications were submitted by eight major firms, including BlackRock, Fidelity, 21Shares, and Grayscale, to register U.S. Spot Ethereum ETFs.

As a researcher studying the crypto market, I’m keeping a keen eye on the upcoming performance of the U.S. Spot Bitcoin ETF. Its impact on the BTC price is something that the entire market will be closely monitoring. Furthermore, Ethereum’s role in potentially sparking a long-awaited altcoins rally is another significant factor to consider.

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2024-06-23 05:34