Key points:
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. FTX’s court hearing on June 25 may clarify the timeline for finalizing its repayment plan.
Important events to watch next week:
1. Comments from Federal Reserve officials
Several Fed officials are expected to speak this week. On Monday, June 24, Chicago Fed President Austan Goolsbee will appear on television, followed by San Francisco Fed President Mary Daly.
On Tuesday, Federal Reserve Governor Lisa Cook will give a speech to discuss the current economic conditions and the Fed's possible future policy interest rate plans. In addition, Federal Reserve Governor Michelle Bowman will speak on Friday. Crypto market traders will pay close attention to these speeches to understand the Fed's upcoming stance on 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, 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 of US Q1 GDP will be released on Thursday, June 27. It is worth noting that personal income, personal expenditure 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.
In the meantime, market participants will be watching the hearing closely to understand the future of FTX and the potential impact on the broader crypto landscape. The outcome of the hearing could significantly impact market sentiment and strategy.
in conclusion
These events are expected to affect the sentiment of the crypto market next week. It is worth noting that the market trading was sluggish this week, reflecting that investors' risk appetite is weakening.
BTC and altcoins both fell back last week, with the outflow of the US spot BTC ETF exceeding $500 million. However, on the positive side, eight companies including BlackRock, Fidelity, 21Shares, and Grayscale submitted the US spot ETH ETF S-1 amendment 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.