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May could witness a series of significant events capable of impacting the trajectory of Bitcoin and the general cryptocurrency market. Decisions by regulatory bodies and forthcoming economic indicators are thought to potentially shape market dynamics clearly.
Crypto Events in May
This month will start with an important meeting featuring Federal Reserve Chairman Jerome Powell, followed by several significant events. Powell’s press conference continues to draw attention following recent economic data reflecting a drop in confidence in an economy where wage pressures persist.
In recent weeks, Powell highlighted the challenges in controlling inflation and emphasized the robust outlook of the employment market, which continues to influence monetary policy expectations.
On the other hand, the future of cryptocurrencies, particularly the Consumer Price Index (CPI) for April from the US expected on May 15, continues to be eagerly awaited. Following this event, the United States Securities and Exchange Commission (SEC) is expected to make a decision on May 23 regarding Spot Ethereum ETFs.
Depending on the outcome, significant changes in market liquidity and volatility could occur, either positively or negatively.
Particularly, the SEC’s response on May 23 to VanEck’s application for an Ethereum spot ETF and on May 29 to a Bitcoin spot option ETF application could serve as potential triggers for market movement.
Market Impact and Analyst Views on Bitcoin
Recent statements by Fed officials suggest that the high-interest environment may persist longer than expected, already starting to impact the cryptocurrency market.
For instance, Bitcoin’s price experienced a sharp decline, dropping over 6% in just 24 hours to $56,757, visiting one of its lowest levels recently. This downturn was accompanied by significant liquidations affecting 106,104 investors and totaling over $394.82 million, as reported by Coinglass.
Renowned financial analyst Peter Brandt conducted a review of market models. His analysis suggested that Bitcoin might face further declines before a potential recovery, possibly retreating to the $40,000 region during this correction phase.
