Crypto markets took a big dip in late trading on Sunday, with Bitcoin falling below $100,000 for the first time since early May, but it appears to be recovering already.

Markets have been highly volatile over the past week amid geopolitical tensions and the US air strike on Iranian nuclear facilities over the weekend.

Those tensions escalated with Iran threatening to close the Straits of Hormuz, a key shipping channel, which would impact global oil prices.

Russia has also reportedly stated that countries are ready to supply Iran with nuclear weapons.

This market has all your answers:

Over the last 72 hours, the US bombed Iranian nuclear sites, Russia said countries are ready to supply Iran with nukes, and Irans parliament voted to close the Strait of Hormuz.

Yet, stock market futures are down a mere -0.5% at the open and…

Economic Events June 23 to 27

Key inflation data is due this week, kicking off with June’s SP Global Manufacturing PMI and Services PMI preliminary readings on Monday,

These purchasing managers’ indexes are leading economic indicators used by analysts to gain insights into changing economic conditions and rates of change.

Tuesday will see home sales data and consumer confidence reports released, while Federal Reserve Chair Jerome Powell will be speaking before Congress to give lawmakers an update on the central bank’s views on inflation and the economy.

Thursday will see more GDP data released for Q1, which will paint a broader picture of the state of the economy and what to expect going forward.

Friday’s Personal Consumption Expenditures (PCE) for May is the big report of the week as it tracks changes in inflation based on consumer spending. The Fed considers the annualized Core PCE Price Index its preferred gauge for inflation in the US.

Key Events This Week:

1. Markets React to US Strikes on Iran Monday

2. May Existing Home Sales data Tuesday

3. June CB Consumer Confidence data Tuesday

4. Fed Chair Powell Speaks Tuesday Wednesday

5. US Q1 2025 GDP data Thursday

6. May PCE Inflation data- Friday…

A very busy economic calendar combined with increased tensions in the Middle East is likely to create a very volatile week ahead for crypto markets.

Crypto Market Outlook

Digital assets continued to weaken over the weekend following US military action in the Middle East and more rhetoric from Iran and Russia as the situation escalates.

Markets lost 4% in a fall to $3.15 trillion but managed to recover slightly during early trading in Asia on Monday morning.

Losses were led by Bitcoin, which fell to $98,500 briefly in its first sub-six-figure dip since May 8. However, BTC had reclaimed the $101,000 level at the time of writing.

Ethereum dumped more than 7% in a fall to $2,135, its lowest level since it broke above $2,000 in early May. Nevertheless, it also made a minor recovery to trade around $2,240 on Monday morning.

Altcoins were all in the red aside from Hyperliquid as markets continue to weaken again.