According to U.Today, the month of May is expected to bring several significant events that could influence Bitcoin and the broader cryptocurrency market. Among the anticipated events are the Federal Reserve's interest rate decision, the release of the US Consumer Price Index (CPI) for April, the Hong Kong Bitcoin Asia Conference, and the US Securities and Exchange Commission's (SEC) final decision on the Ethereum (ETH) Spot Exchange-Traded Fund (ETF).
The Federal Reserve is widely expected to maintain the current interest rates during its meeting on May 1. Market participants will be keenly observing any hints from Fed Chair Jerome Powell regarding the conditions necessary for a potential rate reduction. This meeting, which will include a press conference by Powell, follows recent economic data showing a decrease in consumer confidence and ongoing wage pressures. Despite these factors and the expectation of a strong jobs report, it is unlikely that Powell will reconsider the current stance.
Another key event in May is the anticipated release of the April CPI by the U.S. on May 15. The crypto community is also eagerly awaiting the SEC's potential approval of Spot Ethereum ETFs. A positive decision could stimulate buying pressure in the market. The SEC is expected to respond to VanEck's ETH spot ETF application on May 23, and the Bitcoin (BTC) spot option ETF application on May 29.
Bitcoin's performance in April was its worst monthly showing since late 2022, with the cryptocurrency falling about 9%. This drop extended Bitcoin's losses into a second day, with the cryptocurrency reaching an intraday low of $56,500 from highs of $64,727. The possibility of prolonged higher interest rates appears to be affecting cryptocurrencies, as evidenced by Bitcoin's deeper losses. Bitcoin's price is now 22% lower than its March high of $73,803, suggesting a bear market.