How Will This Week's US Economic Data Impact #Crypto Markets?
Crypto markets stayed stable over the weekend, holding gains after the approval of spot Ethereum ETFs in the U.S. This week, key economic data releases will be closely watched.
Economic Calendar: May 27-31
- Monday (Memorial Day): U.S. markets closed, low volatility expected.
- Tuesday: May consumer confidence data, reflecting improved jobless claims and PMIs.
- Thursday: Q1 2024 GDP report, expected to show 1.5% annualized growth.
- Friday: April's Core PCE inflation report, plus personal income and spending data.
Key Events This Week:
- Memorial Day (Markets Closed) - Monday
- CB Consumer Confidence data - Tuesday
- Q1 2024 GDP data - Thursday
- April PCE Inflation data - Friday
- Chicago PMI data - Friday
- Ten Fed speaker events throughout the week
Crypto Market Outlook
Donald Trump expressed support for the crypto industry, but markets remained stable at a $2.7 trillion market cap. #Bitcoin dipped to just below $69,000, while #Ethereum gained 4% to reach $3,900. Altcoins had mixed results.
Earnings reports from Costco, Salesforce, and HP are also due, potentially affecting market sentiment.
