The crypto market is gearing up for a crucial week with a flurry of economic releases and other events in focus. These key events will significantly influence investor sentiment and shape the market direction.

Key Events to Watch This Week

Several Fed officials are expected to speak this week, including Chicago Fed President Austan Goolsbee, San Francisco Fed President Mary Daly, Fed Gov. Lisa Cook, and Fed Gov. Michelle Bowman. These speeches will be closely monitored by the crypto market enthusiasts for potential cues on the Fed's upcoming stance with their rate-hike plans.

Economic Data to Shape Crypto Market Performance

The crypto market along with the broader financial market eagerly awaits the key economic data this week. For instance, the Consumer Confidence data for May will be released on Tuesday, June 25, while the Consumer Sentiment (final) data for June will be released on Friday. Additionally, the second revision of the U.S. GDP data for the first quarter will be released on Thursday, June 27.

U.S. PCE Inflation Data to Watch

The U.S. PCE and Core PCE inflation data will be closely watched by the crypto market watchers, for clarity on the current inflationary pressure. On a YoY basis, the PCE inflation is expected to cool down to 2.6% in May from 2.7% in the prior month. Besides, the U.S. Core PCE inflation is also expected to move down to 2.6% from 2.8% in April.

FTX Hearing to Set Stage for Repayment Package

The upcoming FTX court hearing on June 25 is poised to be a critical event for the crypto market. The hearing in the FTX Chapter 11 bankruptcy process could set the stage for a subsequent confirmation hearing, clarifying the timeline for finalizing the repayment package.

Bottom Line

These events are likely to impact the crypto market sentiment next week. Notably, the crypto market faced sluggish trading last week, reflecting the waning risk-bet appetite of the investors. Bitcoin, along with the altcoins, retreated last week, with the U.S. Spot Bitcoin ETF noting outflux of over $500 million. However, on a positive note, eight firms including BlackRock, Fidelity, 21Shares, Grayscale, and others, have filed U.S. Spot Ethereum ETF S-1 amendments last week.