Crypto market movers this week.

Over the past few days, the crypto markets have mostly reacted to events related to cryptocurrencies, particularly the SEC’s lawsuits against Binance and Coinbase. However, economic news may take over in the upcoming week.

Here’s what’s on the calendar:

  • On Tuesday, the US Consumer Price Index (CPI) for May will be released. Market observers will be watching to see if the annual headline inflation rate will decrease from April’s 5.5% rate and the core rate from 4.9%. Persistently high inflation has forced the US Federal Reserve to continue its series of rate hikes, which has been a hindrance to crypto markets in general and bitcoin (BTC) in particular.
  • Perhaps the most important event of the week, the results of the Federal Open Market Committee’s (FOMC) June meeting will be released on Wednesday at 2 p.m. (ET). Traders are currently predicting a 75% chance that the Fed will pause its historic string of rate hikes that began in March 2022 and has seen the benchmark fed funds rate move from a range of 0.00-0.25% to the current 5.0-5.25%. After the meeting results are announced, Fed Chair Jerome Powell will hold a press conference.
  • Also on Wednesday, the Producer Price Index (PPI) for May will be released. Although not as closely monitored as the CPI, the headline PPI slowed to 2.3% in April and the core rate to 3.4%.
  • On Thursday, the initial jobless claims for the week ending June 10 will be released. This number has been increasing over the past couple of months and last week spiked to an 18-month high of 261,000. This indicates some weakness in the labor market, even though job gains in the monthly nonfarm payroll reports suggest otherwise.
  • Also on Thursday, the European Central Bank (ECB) will announce its latest rate hike decision. The ECB has been on a rate-hike tear since last July as countries also look to tame high inflation.

Edited by James Rubin.

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