Crypto markets stayed flat over the weekend after a bruising week that erased another $140 billion in value. Renewed military action in the Middle East, with US strikes on Iranian targets in response to a drone attack on a commercial ship, added to the risk-off mood. The Traditional Finance (TradFi) fear and greed index plunged to 24.8, its lowest since early April, according to the Kobeissi Letter.
The focus now shifts to a heavy calendar of US labor market data that could sway the Federal Reserve’s monetary policy. Tuesday brings the May JOLTS Job Openings report and June’s CB Consumer Confidence. Wednesday delivers the June ISM Manufacturing PMI, offering a snapshot of industrial health. The week’s main event is the June Jobs Report on Thursday – the only employment data the Fed will see before its July meeting. A soft report would validate stagflation fears, forcing a choice between growth and price stability, while a hot print would push rate expectations higher, making conditions tougher for risk assets like crypto.
Total crypto market capitalization sank to $2.13 trillion, its lowest since September 2024, as negative sentiment deepened. Bitcoin lost 1.5% in Monday’s Asian session, briefly dipping to $59,000. It now hovers at critical support; a breakdown could trigger a swift drop to the realized price near $53,000, a historic bear-market floor. Ethereum is already at its multi-year bear market bottom, struggling to hold above $1,570 and showing persistent weakness.
