As May draws to a close, cryptocurrency enthusiasts witness Bitcoin (BTC) 
$66,546 breaking its all-time high. Despite altcoins not reaching their desired levels yet, the market could enter an upward trend following tariff clarification. What significant developments are looming for cryptocurrencies this week?
Key Developments in Cryptocurrency
This week, macroeconomic events dominate headlines, and we anticipate more concrete steps regarding tariff agreements. BTC continues to find buyers at $109,500, while ETH trades below $2,600. The detailed timeline of the week’s significant events is as follows.
27 May Tuesday
- 11:00 Fed’s Kashkari Speaks
- 17:00 Consumer Confidence Index (Expected: 87, Previous: 86)
- Bitcoin Las Vegas Conference
28 May Wednesday
- 03:00 Fed’s Williams Speaks
- 21:00 Release of Fed Minutes
29 May Thursday
- 15:30 U.S. Initial Jobless Claims (Expected: 230K, Previous: 227K)
- 15:30 U.S. GDP Quarterly Second Estimate (Expected: -0.3%)
- 15:30 Fed’s Barkin Speaks
- Litecoin Summit
30 May Friday
- 15:30 U.S. PCE (Expected: 2.2%, Previous: 2.3%)
- ETHGlobal Prague
Expectations for Cryptocurrencies
Economic data such as unemployment and non-farm payrolls coming in early June highlight the importance of this week’s announcements. The latest Fed minutes could provide details on the background of recent interest rate decisions. The Fed currently focuses on the inflationary impact of tariffs, overlooking the risks of high-interest rates. Any hints at rate cuts in the minutes could uplift risk markets. A similar trend reversal occurred after the December 2021 minutes accelerated the 2022 downturn, potentially signaling a shift in direction now.
The Fed targets a 2% inflation rate, closely monitoring the PCE inflation index. Expected PCE values for Friday are at 2.2%, and this sustained low figure should prompt market expectations for impending rate cuts.
Should GDP figures drastically underperform on Thursday, it may expedite the Fed’s actions, bolstering the cryptocurrency market. The BTC conference might feature significant announcements from Trump’s son and other speakers. Additionally, upcoming LTC and ETH events could further fuel market volatility.
