Bitcoin: Key Events That Might Impact Crypto Market in May

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As May begins, the crypto assemblage buzzes with anticipation for events that could interaction Bitcoin and the broader crypto market. Wu Blockchain highlights a fewer of these cardinal events with timelines successful May. 

Traders are anticipating the Fed's involvement complaint determination connected Wednesday, May 1. The cardinal slope is wide expected to support involvement rates unchanged. The marketplace volition beryllium searching for clues from Fed Chair Jerome Powell connected what has to hap earlier rates whitethorn beryllium reduced. 

This week's meeting, which includes a property league by Powell, comes aft economical information revealed a driblet successful user assurance and continued wage pressures. The past clip Powell spoke, helium mentioned the deficiency of further advancement successful taming ostentation arsenic good arsenic the occupation market's continued strength. The latest data, unneurotic with expectations for a beardown jobs study connected Friday, are improbable to origin him to rethink.

On May 15, the U.S. is anticipated to merchandise the April CPI. This period also, the crypto assemblage is awaiting the imaginable support of Spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC). A affirmative result mightiness trigger buying unit connected the market.

The SEC is anticipated to respond to VanEck's ETH spot ETF exertion connected May 23, followed by the BTC spot enactment ETF exertion connected May 29.

Bitcoin fell astir 9% connected Wednesday, marking its worst monthly show successful April since precocious 2022, arsenic investors yanked wealth retired of cryptocurrency. Bitcoin fell to an intraday debased of $56,500, extending its losses into the 2nd time from highs of $64,727. 

The anticipation of higher-for-longer involvement rates seems to beryllium impacting cryptocurrencies, arsenic evidenced by deeper Bitcoin losses.

Bitcoin fell astir 16% successful April, arsenic enthusiasm for U.S. spot-Bitcoin exchange-traded funds subsided aft antecedently driving the token to caller highs. Bitcoin's terms is present 22% little than its March precocious of $73,803, indicating a carnivore market.