Cryptocurrencies Are Ready for the Critical Week: Pay Attention to Those 5 Developments!

Cryptocurrencies are entering a critical week with the upcoming economic data release and other important events. The developments that will take place this week are expected to shape the future of the crypto market. Let’s take a closer look at important events and how they can impact the crypto market:

Statements from FED officials and US information may be valuable for cryptocurrencies

Various FED officials are expected to speak throughout the week. On Monday, Chicago FED President Austan Goolsbee will participate in the television program, followed by the speech of San Francisco FED President Mary Daly. The speech of FED Board Member Lisa Cook on Tuesday will be closely followed by the markets. In this speech, Cook may give clues about the current economic situation and the FED’s future interest rate hike plans. On Friday, FED Board Member Michelle Bowman will speak.

These conversations will be closely followed by cryptocurrency market investors looking for clues about the FED’s approach to interest rate hike plans. On the other hand, the crypto market, along with the broader financial market, is eagerly awaiting the valuable economic information to be announced this week. Consumer Confidence data for May will be announced on Tuesday, and Consumer Confidence (final) information for June will be announced on Friday. In addition, the second revision of the first quarter US GDP information is planned to be announced on Thursday, and Personal Income, Personal Expenditure and US PCE inflation information is planned to be announced on Friday.

Crypto market players will closely monitor US PCE and Core PCE inflation information to gain clarity on inflation pressure. On an annual basis, PCE inflation is expected to fall to 2.6% in May from 2.8% in April. US Core PCE inflation is also expected to fall to 2.6% from 2.8% in April.

Crypto market awaits FTX hearing

The FTX hearing, which will take place on June 25, is seen as a critical event for the crypto market. Matrixport Co-Founder Daniel Yan highlighted the value of this hearing in FTX’s Chapter 11 bankruptcy process, stating that it could set the stage for the subsequent confirmation hearing, which would clarify the timeline for completion of the repayment package.

Meanwhile, crypto market participants will be closely following the hearing for clues about the future of FTX and its potential impact on the broader crypto landscape. The results of the hearing could significantly impact market sentiment and investor strategies. These events are expected to have a significant impact on the crypto market next week. The crypto market remained calm last week, reflecting the decline in investors’ risk appetite.

Ethereum ETF is eagerly awaited

In addition to the decline in Bitcoin and altcoins, there was an outflow of over $500 million from the US Spot Bitcoin ETF last week. But in a positive development, eight firms including BlackRock, Fidelity, 21Shares, Grayscale and others filed for the US Spot Ethereum ETF S-1 amendment last week.

Therefore, the crypto market will closely monitor the performance of the US Spot Bitcoin ETF in the coming period, which may affect the Bitcoin price. Additionally, cryptokoin.comAs we have reported, Ethereum will also attract market attention as it could lead a long-awaited altcoin rally.