Cryptocurrency markets remained flat over the weekend after heavy losses last week. Bitcoin and Ether are still in the doldrums, with no immediate catalyst for a recovery.
Meanwhile, the latest labor market data and data on manufacturing and service sector activity will be released this week.
“We also await further details on a possible US-Iran agreement, which appears to be dragging on again,” the Kobisi letter said.
Economic events from June 1st to 5th
The ISM Manufacturing PMI report for May will be released on Monday, which will shed some light on the US manufacturing sector.
This will be followed by the April JOLTS job statistics on Tuesday and the May ISM non-manufacturing PMI statistics on Wednesday.
The first jobless claims numbers will be released on Thursday, and the key May jobs report will be released on Friday.
Labor market statistics are in the spotlight because they are one of the Fed’s two mandates in making monetary policy decisions. Employment in April and May exceeded expectations, and the outlook is currently mixed, although experts are divided.
You may also like:
- Why Bitcoin is lagging behind record-breaking stock prices
- Will the crypto market fall further if the $6.3 billion Bitcoin option expires?
- Bitcoin’s famous CME gap will disappear forever as CME Group begins 24/7 futures trading
According to reports, some economists believe the labor market will recover after a slump in 2025, while others argue that this growth reflects a surge in demand for health workers due to an aging population rather than economic expansion.
This week’s main events:
1. ISM Manufacturing PMI Data for May – Monday
2. JOLTS Job Data for April – Tuesday
3. May ISM Non-Manufacturing PMI Data – Wednesday
4. Initial data on unemployment claims – Thursday
5. May Employment Report – Friday
6. There will be a total of seven Fed speaker events this week…
— Kobeissi Letter (@KobeissiLetter) May 31, 2026
Last week, major stock indexes ended a month of gains at record highs, helped by a frenzy for tech stocks and falling oil prices, but cryptocurrencies remained deep in bear territory.
Virtual currency market outlook
May ended with Bitcoin down 3.6% after two green months. It hit a high of $74,000 over the weekend, but was unable to advance any further and slumped towards $73,000 during Monday morning trading.
The asset is down 5% over the past week, moving into the lower band of a four-month range-based channel.
Ether had fallen back below the $2,000 level on Monday morning after spending most of the weekend above that level.
“Several important catalysts are converging in June, which could prove critical to Bitcoin’s near-term trajectory,” 10x Research reported on Monday.
“The headwinds are real and visible. ETF outflows, stablecoin contraction, and historically low trading volumes all indicate near-zero confidence, which is exactly the environment we expected heading into the bottom of a major cycle.”
