Uncover Key Developments Impacting Cryptocurrency Markets This Week
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As with every Sunday, we delve into the significant developments awaiting us in the cryptocurrency landscape. The upcoming week promises intense activity for cryptocurrency enthusiasts, with potential gains and losses on the horizon. Let’s examine which key events are set to unfold, along with their dates and times.
Major Developments in Cryptocurrency
At the time of writing, Bitcoin’s price stands at $95,800 according to Binance TR data, and altcoins are painted red. Weak trading volumes and the imminent Federal Reserve interest rate decision have accelerated sell-offs. The delay of interest rate cut expectations by certain financial institutions for June hints that Powell might not adopt a dovish tone on Wednesday.
In the coming days, the interest rate decision won’t be the only notable development. Several significant events are on the calendar, detailed below by day.
Monday, May 5
- The first tariff agreement is expected to be signed within the week, as pointed out by the US Treasury Secretary.
- 10:00 Turkey Inflation (Expectation: 38%, Previous: 38.1%)
- 16:45 US S&P Services PMI (Expectation: 51.2, Previous: 51.4)
Tuesday, May 6
- 15:30 US Trade Balance (Expectation: $136.7 Billion, Previous: -$122.7)
- 19:00 Trump to Meet Carney (Canada)
- Sonic (S) Summit
Wednesday, May 7
- 17:00 Bessent to Testify at House Panel
- 21:00 Fed Interest Rate Decision (Expectation: Unchanged)
- 21:30 Powell to Speak
Thursday, May 8
- 17:00 AI CEOs to Testify at Senate Hearing
Friday, May 9
- 13:15-18:30 Fed’s Williams, Kugler, and Goolsbee to Speak
Impact on Cryptocurrencies
We mentioned that the signing of the first tariff agreement is anticipated this week, making it extremely important. Cryptocurrency investors will gain confidence if an agreement with a significant partner is reached and formalized. Meanwhile, the Trump-Carney meeting on Tuesday is particularly critical, as the US President, if aiming to be constructive, should present moderate statements to balance fears.
On Wednesday, during the Treasury Secretary’s testimony, we expect key statements relating to both the Fed and tariffs. Powell is expected to offer remarks on the evening of the unchanged interest rates, and we will be looking for signals to guide us towards June.
It is already certain that we will experience highly active hours for Bitcoin and altcoins.
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