Crypto markets slid to their lowest since October 2024 over the weekend, with total market capitalization dropping to $2.17 trillion. Bitcoin fell below $60,000 on Saturday — a fresh cycle low — before recovering to $63,000 by Monday morning in Asia. Ether wasn't spared either: it touched just above $1,500, its weakest level in 14 months, then clawed back to $1,700.
Why the market is bleeding
The selling pressure isn't coming from one place. The ongoing war, missile strikes involving the US, Israel, and Iran, and rising oil prices have all soured risk appetite. On top of that, the firm Strategy sold a few BTC this week, adding to the downward drift. Bitcoin has lost 14% over the past seven days — a brutal stretch even by crypto standards.
What to watch this week
Three big economic reports land before the weekend: May Existing Home Sales on Tuesday, May CPI inflation on Wednesday, and May PPI inflation on Thursday, alongside the OPEC Monthly Report. The CME Fed Watch tool puts a 97% probability on the Federal Reserve holding rates steady at its June 17 meeting — but a hotter CPI print could scramble that calculus. Analysts at AJ Bell noted, 'With inflation running persistently ahead of the Fed's 2% target, a hotter-than-expected print will make it difficult for policy makers to argue for further rate cuts.'
Geopolitics add to the noise
It's not just data. President Trump said Israeli Prime Minister Netanyahu will have 'no choice' but to accept a US deal with Iran because Trump 'calls the shots.' Missile strikes from the US, Israel, and Iran continued over the weekend, and oil prices are climbing. The Kobeissi Letter expects another volatile week ahead after Friday's sharp drop in AI stocks — and that volatility tends to spill into crypto.
All eyes are now on Wednesday's CPI report. If it comes in hot, markets could test those weekend lows again. If it surprises cooler, the bounce might have legs.
