- Markets have rebounded strongly following last week’s Federal Reserve pivot with total crypto capitalization returning to pre-pullback levels, closing on $2.5 trillion again over the weekend.
- This week’s economic calendar will be less volatile than last week’s with multiple macro-related news expected, but with limited impact.
- Crypto derivatives provider Greeks Live has noted that the Fed has maintained current rates in recent months.
Following a strong rebound in the markets after last week’s Federal Reserve pivot, the total crypto capitalization has returned to pre-pullback levels. This week’s economic calendar is expected to be less volatile.
Economic Calendar for the Week
March’s Consumer Credit Change will be reported on Tuesday, providing insight into the change in the total amount of outstanding credit extended to individuals for personal expenditures. This data is closely watched by investors and analysts due to its strong correlation with both consumer confidence and expenditures.
Key Events and Market Impact
Initial Jobless Claims data is due on Thursday and is expected to show a slight increase from the previous month. On Friday, the preliminary reading of May’s Michigan Consumer Sentiment Index will be released, providing results of a monthly survey of consumer confidence levels. Additionally, May’s preliminary Consumer Inflation Expectations report will be released, analyzing consumer views of long-term inflation and used as a component of the Fed’s calculations of inflation expectations.
Crypto Market Outlook
Crypto markets are up 1.7% on the day to reach $2.49 trillion during the Monday morning Asian trading session. Bitcoin has recovered key price levels and is currently trading at around $64,000. Ethereum prices are up 1.6% to reach $3,170 at the time of writing. Altcoins such as Toncoin (TON), Near Protocol (NEAR), and artificial intelligence tokens Fetch.ai (FET) and Render (RNDR) are also showing marginal gains.
Conclusion
With the economic calendar expected to be less volatile this week, the crypto market has shown a strong rebound. Bitcoin and Ethereum have recovered key price levels, and altcoins are also showing gains. The market will be closely watching the economic reports and Federal Reserve speeches due this week for any potential impact.
