Major events in May that could impact Bitcoin and cryptocurrency market trends
This month, Federal Reserve Chairman Jerome Powell will hold a major meeting, followed by several major events. Recent economic data reflect declining confidence in the economy where wage pressures persist, and Powell's press conferences continue to attract attention.
In recent weeks, Powell has emphasized the challenges of controlling inflation and stressed the strong outlook for the job market, which continues to influence monetary policy expectations. On the other hand, the future of cryptocurrencies, especially the U.S. Consumer Price Index (CPI) for April, which is expected to be released on May 15, remains highly anticipated. Following this event, the U.S. Securities and Exchange Commission (SEC) is expected to make a decision on the spot Ethereum ETF on May 23.
In particular, the SEC's response to VanEck's Ethereum spot ETF application on May 23 and the Bitcoin spot options ETF application on May 29 could serve as potential triggers for market movements. Recent statements by Fed officials indicate that the high interest rate environment may last longer than expected, which has begun to affect the cryptocurrency market.