Bitcoin: Key events that could affect the crypto market in May

Bitcoin: Key events that could affect the crypto market in May

As May begins, the crypto community is buzzing with anticipation for events that could impact Bitcoin and the broader crypto market. Wu Blockchain highlights some of these key events with timelines in May.

As May begins, the crypto community is buzzing with anticipation for events that could impact Bitcoin and the broader crypto market. Wu Blockchain highlights some of these key events with timelines in May.

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Traders are anticipating the Federal Reserve’s interest rate decision on Wednesday, May 1. The central bank is widely expected to keep interest rates unchanged. The market will look for clues from Federal Reserve Chair Jerome Powell about what needs to happen before rates can be cut.

This week’s meeting, which includes a news conference from Powell, comes after economic data revealed a drop in consumer confidence and continued wage pressures. The last time Powell spoke, he mentioned the lack of further progress in controlling inflation as well as the continued strength of the labor market. The latest data, along with expectations of a strong jobs report on Friday, are unlikely to make him reconsider his situation.

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The United States is expected to publish the April CPI on May 15. Also this month, the crypto community is awaiting the possible approval of Spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC). A positive result could generate buying pressure in the market.

The SEC is expected to respond to VanEck’s ETH spot ETF application on May 23, followed by the BTC spot option ETF application on May 29.

Bitcoin fell about 9% on Wednesday, marking its worst monthly April performance since late 2022, as investors pulled money out of cryptocurrencies. Bitcoin fell to an intraday low of $56,500, extending its losses to the second day from highs of $64,727.

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Fed Chair Jerome Powell Makes Crucial Statement for Crypto Market: Details

The possibility of higher interest rates for longer appears to be weighing on cryptocurrencies, as evidenced by Bitcoin’s deeper losses.

Bitcoin fell around 16% in April as enthusiasm for US spot Bitcoin exchange-traded funds waned after previously driving the token to new highs. Bitcoin price is now 22% lower than its March high of $73,803, indicating a bear market.

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