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Bitcoin is trading at $62,700, with May having many important events that could affect Bitcoin and the overall cryptocurrency market. Upcoming regulators’ decisions and economic indicators are expected to have a significant impact on market dynamics.
Events in May
This month’s crypto event kicked off with a key meeting featuring Federal Reserve Chairman Jerome Powell, followed by several other events. Powell’s press conference continued to attract attention after recent economic information showed a decline in confidence in the economy, in the context that inflationary pressures still exist.
Over the past weeks, Powell has highlighted the challenges of controlling inflation and stated a strong outlook for the jobs market, which continues to influence monetary policy expectations.
In addition, the expected release of the US Consumer Price Index (CPI) for April on May 15 is also being awaited. Following this event, it is expected that the US Securities and Exchange Commission (SEC) will issue a decision on May 23 regarding the Ethereum spot ETF.
Depending on the outcome of these events, markets may experience significant fluctuations in liquidity and volatility, which may be positive or negative. In particular, the SEC’s response to VanEck’s Ethereum spot ETF application on May 23 and Bitcoin spot options ETF application on May 29 may contribute to changing market conditions.
Related: Bitcoin Dips to $61,000 as Whales Continue Accumulating
The impact of recent statements from Fed officials that the high interest rate environment could last longer than expected has begun to ripple through the cryptocurrency markets.
For example, the price of Bitcoin recorded a sharp decline, shedding more than 6% in just 24 hours, reaching a recent low of $56,757. According to a report from Coinglass, this decline was accompanied by significant liquidations, affecting 106,104 investors with a total value of more than $394.82 million.
Analysts’ predictions
Peter Brandt, a famous financial analyst, conducted an assessment of market models. His analysis suggests that Bitcoin may face further decline before a recovery is possible, with a possible drop to the $40,000 region during this correction period.
