This week's outlook on events that may shake the Bitcoin and cryptocurrency markets
As the cryptocurrency market experiences heightened volatility, Bitcoin fell below six figures last weekend for the first time in six weeks.
On Sunday evening, Bitcoin fell below $100,000 for the first time since early May, influenced by the U.S. airstrikes on Iran's nuclear facilities, but then seemed to start recovering.
According to the New York Post, Iran threatened to close the vital shipping route of the Strait of Hormuz, which further escalated tensions and could impact global oil prices.
In addition, market rumors indicate that Russia has stated that countries are prepared to support Iran with nuclear weapons, exacerbating concerns in the international community about regional stability.
Meanwhile, a series of key economic events will unfold this week, providing market participants with important clues about inflation and economic conditions. These events include:
On Monday, the preliminary values for the June S&P Global Manufacturing PMI and Services PMI will be released. These manufacturing purchasing manager indices are key indicators for analysts assessing trends and speeds of economic changes.
On Tuesday and Wednesday, housing sales data and consumer confidence reports will be released, while Federal Reserve Chair Jerome Powell will speak in Congress to outline the central bank's views on inflation and the economy.
On Thursday, more first-quarter GDP data will be released, providing a more comprehensive picture of economic conditions and future expectations.
On Friday, the market will see key data on personal consumption expenditures (PCE) for May, which is the Federal Reserve's preferred measure of inflation.
Overall, the cryptocurrency market will also face multiple challenges this week, including geopolitical tensions in the Middle East, the release of key economic data, and the speech by the Federal Reserve Chair. Under the combined influence of these factors, Bitcoin and other cryptocurrencies may experience a new round of market turmoil.
Finally, what are your thoughts on the trend of the cryptocurrency market this week? How do you think the tensions in the Middle East and the upcoming economic data will impact the market? Leave your views in the comments!
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