Crypto markets remained relatively subdued over the weekend, retaining gains made last week following the approval of Ethereum spot exchange-traded funds in the United States.
More economic data is due to be released this week, including consumer confidence and gross domestic product indicators.
Economic Calendar May 27-31
Markets will be closed on Monday due to Memorial Day in the US, which is expected to result in lower volatility in crypto assets.
Consumer confidence data is due to be released on Tuesday, showing a slight improvement in May from the previous month, driven by better-than-expected weekly jobless claims and last week's manufacturing and services PMIs.
On Thursday, the annual GDP growth report for the first quarter of 2024 will be released, which provides advanced estimates and insights into the health of the economy from the previous quarter.
However, the Bureau of Economic Analysis estimates that economic growth has slowed to an annualized rate of 1.5 percent, slightly slower than earlier forecasts.
Friday sees the release of the April Core Personal Consumption Expenditures (PCE) report, which shows the average amount of money consumers spend each month. Federal Reserve policymakers are closely watching the data as a key inflation indicator and use it to forecast whether inflation is declining.
A related report on personal income and spending for April is also due to be released on Friday, which reflects the total amount of personal income in the U.S., in addition to the amount of purchases made by consumers of all kinds of goods and services.
Because consumer spending is a major driver of economic growth, these reports provide data on the economy as a whole and can influence the Fed's monetary policy decisions.
A total of 10 speeches from top Federal Reserve officials are scheduled for this week.
Notable earnings reports this week include wholesale giant Costco, software company Salesforce and computer company HP.
Cryptocurrency Market Outlook
Presidential candidate Donald Trump gave a potential major boost to the crypto industry over the weekend, saying that if elected he would support the future of cryptocurrencies in the United States.
But that wasn't enough to move the market, which remained at around $2.7 trillion in market capitalization over the weekend.
The Asian trading session was quiet on Monday morning, with Bitcoin trading down slightly and just below $69,000 at the time of writing.
Ethereum prices performed well after the ETF approval, rising 4% to $3,900, but altcoins were generally mixed.