New Fed Chair Kevin Warsh Breaks With Predecessor’s Playbook in First Meeting

China Fixed-Asset Investment Drops 4.1% in January-May, Double Forecast

Trump Threatens Iran Strikes Over Nuclear Deal Delays, Spooking Crypto Markets

Bitcoin Slumps to $61,000, Down 25% This Month as US Regulatory Fog Thickens

Bitcoin Slips Below $63,000 as Volatility Spurs Caution

This event underscores the fragility of energy supply routes and the persistent geopolitical premium in oil. For crypto, higher oil prices feed into inflation expectations, potentially delaying rate cuts and strengthening the dollar—both headwinds for risk assets. Conversely, if oil spikes trigger a flight to hard assets, Bitcoin could see renewed demand as a non-sovereign store of value, though correlation remains mixed.

Crude Oil

Iran's Foreign Ministry spokesman stated that a deal with the US to open the Strait of Hormuz is not imminent, but consensus has been reached on many issues.

Iran Says Strait of Hormuz Deal Not Imminent, Reversing Oil Price Dip

Iran-US Strait of Hormuz Deal is Closer Than Headlines Suggest – Crypto Market Should Price in a Sooner-Than-Expected Agreement

Bitcoin

This reflects the weaponization of financial symbolism in election years, where political theater distracts from real macro pressures like the 10Y Treasury yield at 4.32%. It highlights how crypto markets now price in political noise as regulatory risk, even when events are fiat-centric.

Trump allies in Congress are moving to make an exception to the federal law that bars printing images of living people on US currency for a $250 note featuring Trump's face.

Congress Pushes for $250 Trump Note Exception

Proposed $250 Trump Note Sets Precedent for Politicized Currency, Eroding USD Trust and Bolstering Bitcoin's Long-Term Value Proposition

The fact that a major institution's traders publicly dissect headline dissonance underscores a market regime where traditional correlations (e.g., tech rally vs. recession fears) are breaking down. For crypto, this means Bitcoin's correlation with equities may weaken, creating both opportunities and pitfalls as traders chase narratives rather than fundamentals.

Deutsche Bank traders Ozan Tarman and Aditya Singhal discussed how to interpret conflicting headlines and the tech stock rally in a live podcast recording at Wilton's Music Hall in London.