Crypto markets held steady over the weekend near $2.26 trillion, but Monday morning saw a slight dip as traders assessed the latest US-Iran military escalation. The US launched strikes on Iran after an attack on a container ship in the Strait of Hormuz, which Iran declared closed. Crude oil rose about 4% and US stock futures opened lower. Key inflation data this week—June CPI on Tuesday and PPI on Wednesday—may add volatility; both are expected to rise year-on-year. Rising inflation pressures could lead to Federal Reserve rate hikes, negative for risk assets like crypto. Bitcoin fell to $63,400, while Ether held above $1,800.
Crypto markets largely held on to gains over the weekend but looked shaky Monday morning as traders digested the latest developments between the US and Iran. The US launched several waves of strikes on Iran over an Iranian attack on another container ship in the Strait of Hormuz.
Iran declared the Strait closed, while President Trump said otherwise. “Q2 2026 earnings season has arrived, and Strait of Hormuz tensions are mounting again,” said the Kobeissi Letter. US Central Command reported that forces began launching more strikes against Iran “to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz.”
Crude oil prices were up around 4%, with WTI and Brent hitting $74.50 and $79, respectively, while US stock futures opened slightly lower. June’s Consumer Price Index (CPI) inflation data is due Tuesday, followed by the Producer Price Index (PPI) on Wednesday.
Year-on-year measures for both headline CPI and PPI are expected to rise by 3.8% and 6.2%, respectively, as reported by Yahoo Finance. Rising inflation will put more pressure on the Federal Reserve to hike rates, which is bad for risk-on assets such as crypto.
June Retail Sales data and the July Philly Fed Manufacturing Index are due Thursday, followed by July’s Michigan Inflation Expectations and Consumer Sentiment reports on Friday. Several Wall Street banks and finance giants are reporting Q2 earnings this week, including JPMorgan Chase, Goldman Sachs, Bank of America, Wells Fargo, and Citibank on Tuesday, followed by Morgan Stanley and BlackRock on Wednesday.
Total market capitalization remained steady over the weekend, hovering around $2.26 trillion with a very minor dip Monday morning after the latest airstrikes. Bitcoin had held ground just above $64,000 for the past 12 hours but dipped to $63,400 during early trading, where it remains at the time of writing. Ether prices fared a little better, holding above $1,800 for most of the past day following a 15% gain over the past fortnight.
