Over the weekend, crypto markets have remained relatively stable, holding onto gains from the previous week following the approval of spot Ethereum exchange-traded funds in the U.S.

This week will bring the release of additional economic data, including consumer confidence and gross domestic product (GDP) indicators.

Economic Calendar for May 27-31:

- Monday: U.S. markets will be closed for Memorial Day, leading to expected low volatility in crypto assets.

- Tuesday: Consumer confidence data will be released, showing slight improvement in May compared to the previous month, following better-than-expected weekly jobless claims and manufacturing and services PMIs from last week.

- Thursday: The Q1 2024 GDP Growth Annualized report will be published, offering an advanced estimate of the economy’s health from the previous quarter. The U.S. Bureau of Economic Analysis estimates the economy's annualized growth rate at 1.5%, slightly lower than initial estimates.

- Friday: April’s Core Personal Consumption Expenditures (PCE) report, a key inflation gauge watched by Federal Reserve FOMC policymakers, will be released. Additionally, a report on Personal Income and Personal Spending for April will be published, reflecting the total value of personal income and consumer purchases of all goods and services. These reports are crucial for assessing economic growth and could influence Fed monetary policy decisions.

There will also be ten speeches from Federal Reserve officials this week.

Notable earnings reports this week include those from Costco, Salesforce, and HP.

Crypto Market Outlook:

Presidential candidate Donald Trump expressed support for the crypto industry over the weekend, promising to back its future in America if elected. Despite this, the markets remained around the $2.7 trillion market cap level.

The Asian trading session on Monday morning has been quiet. Bitcoin has dipped slightly to just below $69,000. Ethereum performed better, rising 4% to reach $3,900 after the ETF approvals, while altcoins showed mixed results.