Four Factors That May Disrupt Bitcoin and Cryptocurrency Markets This Week

The cryptocurrency market, with Bitcoin falling below $100,000 for the first time since early May, experienced a significant dip due to escalating geopolitical tensions, including US airstrikes on Iranian nuclear facilities and threats from Iran to close the Straits of Hormuz. Furthermore, Russia's announcement that countries are ready to supply Iran with nuclear weapons adds to the market volatility.

The market's fluctuation is set to continue with the release of key economic data this week, including the S&P Global Manufacturing PMI and Services PMI preliminary readings, home sales data, consumer confidence reports, and a Congressional report by Federal Reserve Chair Jerome Powell. Digital assets have weakened over the weekend, but slight recovery was noticed in Asia's Monday morning trading. Bitcoin dropped to $98,500 but has slightly recovered, reclaiming the $101,000 level.