Crypto markets flat at $2.3T as macro events including geopolitical tensions, oil prices, and US economic data releases set the tone for the week.
Macro & Markets ·
Crypto markets held steady at $2.3 trillion in total capitalization over the weekend, with Bitcoin and Ethereum trading with minimal volatility. Middle East military activity intensified, with the US conducting strikes against Iran for a ninth consecutive night, while crude oil prices climbed—WTI reaching $85 and Brent surpassing $90—contributing to broader market caution as inflation concerns resurfaced.
Economic data releases this week are expected to test the economy's resilience. Initial jobless claims arrive Thursday, while manufacturing and services purchasing manager indexes are due Friday. The CME Fed Watch Tool assigns an 85.6% probability that US interest rates will remain unchanged at the central bank's July 29 meeting, with recent below-forecast inflation reports suggesting the disinflationary cycle that began in 2023 remains on track.
Bitcoin is range-bound between $62,000 and $65,000 support and resistance levels, with the asset closing above its 200-week moving average but showing limited momentum in either direction. Ethereum similarly hovers near recent levels around $1,870. Tech earnings from Alphabet and Tesla on Wednesday, plus Intel results Thursday, may influence broader risk appetite heading into the week's data calendar, though whether these catalysts shift crypto positioning remains uncertain.