After closing May with a strong 11% gain, June is shaping up to be a critical month for crypto investors, with several key U.S. economic reports scheduled for release in the coming weeks.
Each of these could have a big impact on the crypto market, especially Bitcoin and altcoins.
On June 6th, all eyes will be on the Non-Farm Payrolls report and the updated unemployment rate. In April, the US added 177,000 jobs and kept unemployment steady at 4.2%. This time, economists expect a smaller gain of 130,000 jobs.
If job growth slows more than expected, the Federal Reserve might decide to ease up on its strict money policies. A weaker dollar could then make Bitcoin more attractive for those seeking safe havens during market uncertainty
Next up, the Consumer Price Index (CPI) data for May will be released on June 11th. This report is one of the most important inflation indicators in the US. In April, inflation cooled to 2.3%, slightly below the 2.4% forecast.
For May, analysts expect inflation to rise back to 2.4%. If inflation stays in check or falls, the Fed may consider cutting interest rates, creating a more positive environment for Bitcoin and other cryptocurrencies
The next day, June 12th, brings the Producer Price Index (PPI) report. This report tracks how much manufacturers charge for goods. In April, PPI inflation was at 2.4%, slightly below forecasts.
For June, analysts expect a small rise to 2.5%
June 17th is a big day. As it brings the release of the Federal Open Market Committee (FOMC) meeting minutes. Investors will look closely at these notes for hints about future policy. Current possibilty suggest a 95% chance that the Fed will leave rates unchanged in June.
However, any sign that the Fed is considering easier policies later this year could be bullish for Bitcoin.
Also on June 17, the US will release the Import and Export Price Indexes. These indexes measure changes in prices of goods traded internationally. In April, the Import Price Index was steady at 0.1%.
If these prices stay calm, it could ease worries about inflation and strengthen the case for Bitcoin as a hedge.
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