PCE inflation and key events affecting market sentiment this week:
1. Upcoming economic data, including PCE inflation, will influence the trend of the crypto market this week.
2. Speeches by Federal Reserve officials are crucial to future policies and interest rate hike plans.
3. The FTX court hearing on June 25 may clarify the timeline for finalizing its repayment plan.
Important events worth noting this week:
1. Comments from Federal Reserve officials
Several Federal Reserve officials are expected to speak this week.
On Monday, June 24, Chicago Fed President Austan Goolsbee will appear on television for a speech, followed by San Francisco Fed President Mary Daly.
On Tuesday, Federal Reserve Governor Lisa Cook will give a speech discussing current economic conditions and the Fed's possible future plans for policy rates.
Additionally, Federal Reserve Governor Michelle Bowman is set to speak on Friday. Crypto market traders will be watching these speeches closely to understand the Fed’s upcoming stance on its rate hike plans.
2. US economic data will affect the performance of the crypto market
Crypto markets and broader financial markets are eagerly awaiting key economic data this week.
For example, the consumer confidence data for May will be released on Tuesday, June 25, while the (final) consumer confidence data for June will be released on Friday.
In addition, the second revised data on US Q1 GDP will be released on June 27 (Thursday).
It is worth noting that personal income, personal spending and US PCE inflation data will also be released on Friday.
3. Crypto markets await FTX hearing
The upcoming FTX court hearing on June 25 will be a key event for the crypto market.
Matrixport co-founder Daniel Yan stressed its importance, noting that this hearing in FTX’s Chapter 11 bankruptcy proceedings could lay the groundwork for a subsequent confirmation hearing, clarifying the timeline for finalizing the repayment plan.
Meanwhile, market participants will be watching the hearing closely to understand the future of FTX and the potential impact on the broader crypto landscape, with the outcome likely to significantly impact market sentiment and strategy.
in conclusion
These events are expected to impact crypto market sentiment this week.
It is worth noting that market trading was sluggish last week, reflecting that investors' risk appetite is weakening.
Both BTC and altcoins fell last week, with outflows from the U.S. spot BTC ETF exceeding $500 million.
However, on the positive side, eight companies including BlackRock, Fidelity, 21Shares, and Grayscale submitted the S-1 amendment for the US spot ETH ETF last week.
With this in mind, the market will be closely watching the upcoming performance of spot BTC ETFs, which will affect BTC prices.
In addition, ETH will also attract market attention as it may trigger the long-awaited altcoin rally. #BTC #ETH
