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BTC 
ETH The cryptocurrency market basically maintained last week's gains over the weekend, but was slightly unstable on Monday morning as traders digested the latest situation between the United States and Iran. The United States has launched multiple rounds of air strikes in response to Iran's attack on another container ship in the Strait of Hormuz. Iran announced a blockade of the strait, which President Trump denied. At the same time, as the bear market continues, some blockbuster inflation reports may further shake market sentiment and increase volatility.
Kobeissi Letter pointed out: "The second quarter of 2026 earnings season has arrived, and tensions in the Strait of Hormuz have escalated again."
Economic events from July 13 to 17
The U.S. Central Command reported early Monday that the U.S. military has begun launching more air strikes against Iran "to continue to weaken its ability to attack civilian seafarers and merchant ships freely passing through the Strait of Hormuz." Crude oil prices rose about 4%, with WTI crude and Brent crude hitting US$74.50 and US$79 respectively, while U.S. stock index futures opened slightly lower. June consumer price index inflation data will be released on Tuesday, which could add to market volatility. Producer price index data will be released on Wednesday to measure wholesale inflation.
According to Yahoo Finance, year-on-year indicators of overall CPI and PPI are expected to increase by 3.8% and 6.2% respectively. Rising inflation will put greater pressure on the Federal Reserve to raise interest rates, which is bad news for risky assets such as cryptocurrencies. The escalation of military action in the Middle East is also not conducive to alleviating inflation concerns. June retail sales data and July Philadelphia Fed manufacturing index will be released on Thursday, followed by the University of Michigan's July inflation expectations and consumer confidence report on Friday.
Key events of the week:
1. Market reaction to the closure of the Strait of Hormuz-6 pm EST today
2. June CPI Inflation Data-Tuesday
3. June PPI inflation data-Wednesday
4. June Retail Sales Data-Thursday
5. July Philadelphia Fed Manufacturing Index-Thursday
6. University of Michigan inflation expectations for July...
Several Wall Street banks and financial giants will report second-quarter earnings this week, including JPMorgan Chase, Goldman Sachs, Bank of America, Wells Fargo and Citibank on Tuesday, and Morgan Stanley and BlackRock on Wednesday.
Cryptocurrency Market Outlook
Total market value remained stable over the weekend, hovering at about $2.26 trillion, after falling slightly after the latest air strikes early Monday. Bitcoin has barely stayed above $64,000 in the past 12 hours or so, but fell to $63,400 in early trading and remained at that level as of press time. Ethereum prices performed slightly better, staying above $1,800 for most of the past 24 hours, after rising 15% in the previous two weeks. This week's escalating conflict and rising inflation could push both further lower.
