Bitcoin Slips to $63,400 as US Strikes on Iran Meet Inflation Week
Fresh US strikes on Iran and a 4% jump in oil sent Bitcoin to $63,400, with June CPI and PPI prints this week set to test a shaky market.
Bitcoin slipped to $63,400 in early Monday trading as US forces resumed strikes on Iran and traders braced for a pair of inflation reports that could set the tone for the week. Crude did the talking. Oil prices climbed about 4%, pushing WTI to $74.50 and Brent to $79, after another round of military action over shipping in the Strait of Hormuz.
Strikes over Hormuz
US Central Command said Monday morning that its forces had begun launching more strikes to keep "degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz." The waterway is the pressure point. Iran has declared it closed following its attack on another container ship, while President Trump insists it remains open. "Q2 2026 earnings season has arrived, and Strait of Hormuz tensions are mounting again," the Kobeissi Letter wrote. US stock futures opened slightly lower.
Two inflation prints
June CPI lands Tuesday, followed by wholesale PPI on Wednesday, and the estimates are not friendly. Headline CPI is expected to rise 3.8% year on year and PPI 6.2%, according to Yahoo Finance. Hotter inflation puts pressure on the Federal Reserve to hike rather than cut, and higher rates drain risk-on assets first. A widening Middle East conflict, with its direct line to oil, only sharpens the problem.
The data does not stop there. June retail sales and the July Philly Fed manufacturing index arrive Thursday, with Michigan inflation expectations and consumer sentiment on Friday. Wall Street piles on too: JPMorgan Chase, Goldman Sachs and Bank of America report Q2 results Tuesday, with Morgan Stanley and BlackRock following Wednesday.
Where crypto sits
Total market capitalization has held near $2.26 trillion, barely dented over the weekend before a minor dip after Monday's airstrikes. Bitcoin sat just above $64,000 for much of the past 12 hours before easing to $63,400. Ether has been sturdier, holding above $1,800 after a 15% run over the past fortnight. Both could fall much further if the strikes escalate or Tuesday's CPI comes in hot, with the bear market already dragging into its next test.
Sources
- 4 Things That Could Impact Crypto Markets This Week · Crypto News
- June CPI and PPI inflation estimates · Yahoo Finance
- Market commentary on Q2 earnings and Strait of Hormuz tensions · The Kobeissi Letter
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