The crypto market remained relatively inactive over the weekend, maintaining gains made last week in the wake of the approval of Ethereum exchange-traded funds in the United States.
This week will see the release of more economic data such as the Consumer Confidence Index and GDP indicators.
Economic Calendar May 27-31:
Monday is Memorial Day in the US, so markets will be closed, and low volatility is expected for crypto assets.
Tuesday will see the release of Consumer Confidence data which improved slightly in May compared to the previous month with better than expected weekly unemployment claims.
On Thursday we will see the annual GDP growth report for the first quarter of 2024, which provides an advanced estimate and insight into the health of the economy compared to the previous quarter.
However, the US Bureau of Economic Analysis estimates that the economy has slowed to annual growth of 1.5%, which is slightly lower than initial estimates.
While the core personal consumption expenditures (PCE) report for April is expected to be released on Friday, which indicates the average amount of money consumers spend per month.
Policymakers at the Federal Open Market Committee (FOMC) look closely to this data as their primary measure of inflation and will use it to estimate whether inflation will decline.
The April personal income and personal spending report is also scheduled to be released on Friday.
Consumer spending is a big driver of economic growth, so these reports can provide data about the overall economy and influence the Federal Reserve's monetary policy decisions.
All of them are events and indicators that may affect, in one way or another, crypto market prices.
Recently, former President Donald Trump gave a moral boost to the crypto market by promising that he would support crypto in the United States of America and strive for the country to be a leader in the crypto and blockchain industry.
