Upcoming U.S. economic events crucial for the crypto market’s trajectory this week

The financial world awaits another trend of economic events as conversations about debt default by 1 June dominate the monetary sector. Meanwhile, these events will likely influence sentiments within the cryptocurrency market.

The United States Treasury Departments already cautioned about the potential U.S. default of $31.4 trillion debt as of 1 June 2023. Moreover, the upcoming job market report later this month remains vital as the Feds contemplate a rate hike pause. That comes after the Federal hiked rates continuously within the last several months.

The latest Invezz.com updates reveal President Joe Biden stated that he wouldn’t accept debt deals that safeguard wealthy tax evaders and cryptocurrency investors while risking food assistance for most Americans. The U.S. President made the remarks during the G7 summit.

Nonetheless, disregarding deals won’t translate to an impressive United States economy. Janet Yellen of the Treasury had cautioned that failure to attain an agreement would mean the United States government risking the U.S. and the worldwide economy.

Upcoming U.S. economic events to watch

While we are about to end May 2023, a lot awaits in economic events. Besides the debt ceiling conversations, the market expects the May 2023 FOMC meeting minutes on 24 May (Wednesday).

Meanwhile, market participants will watch how the Federal Reserve pondered rate hike trajectory in the current and upcoming Federal meetings. Moreover, the PCE (Personal Consumption Expenditures) index will come on 26 May (Friday).

Declines in the PCE number might lead to price surges in Bitcoin and the overall crypto market. Meanwhile, Several Federal officials will speak in the coming few days. Markets expect them to support rate pauses, potentially impacting crypto prices.

Further, Neel Kashkari, Minneapolis Federal president, stated he would back hike pauses in the upcoming FOMC summit – June 2023. Indeed, the remaining May 2023 has many events that will likely shape the crypto markets in the coming week or two.