Crypto markets remained subdued over the weekend, with total capitalization steady near $2.3 trillion. Investor focus shifts to high-stakes economic data, including May’s critical PCE inflation report due Thursday. Geopolitical tensions, particularly concerning US-Iran relations, also contributed to a fragile risk sentiment. Bitcoin consolidated around $64,000, while Ether struggled below $1,700, setting the stage for a potentially volatile week.
Cryptocurrency markets spent the weekend trading flat as geopolitical concerns lingered. Hopes for a US-Iran peace deal remained fragile, affecting broader risk sentiment.
US equity futures opened lower as investors awaited details on the talks. President Trump escalated rhetoric, stating on Truth Social, “If they don’t, we’ll hit Iran very hard again, just like we did last week, only harder!!!” The economic calendar is packed with key data this week. It begins with June’s S&P Global PMI data on Tuesday and May’s new home sales figures on Wednesday.
All eyes, however, are on Thursday’s release of the May Personal Consumption Expenditures report. This is the Federal Reserve’s preferred inflation gauge and follows a recent hawkish FOMC meeting. Analysts noted “the June FOMC meeting, with half of the committee leaning toward a tighter policy path, sent a hawkish jolt through markets.” Current odds for a July rate hike stand near 40% according to the CME Fed Watch Tool.
Further economic insights will come from the US first-quarter GDP report also on Thursday. June’s Michigan consumer sentiment and inflation expectations data round out the week on Friday. The Kobeissi Letter outlined these key events in a social media post.
Total crypto market capitalization hovered around $2.3 trillion, with more volatility expected. The market’s path of least resistance appears downward for the moment. Bitcoin traded tightly around $64,000, having found support near $63,000 after a weekly close at that level.
Ether prices remained at multi-year lows, unable to gain momentum above $1,700. Most alternative cryptocurrencies continued to retreat in the current environment.
