US Economic Calendar Heats Up as Crypto Markets Sweat It Out

A busy week lies ahead on the US economic calendar, and crypto markets are already feeling the heat. Following last week's heavy losses that saw $140 billion leave the space, crypto markets remained flat over the weekend.

The escalation of military action in the Middle East is also weighing heavily on sentiment, with the US conducting strikes on Iranian military targets in response to Iran's drone attack on a commercial ship.

Total capitalization has fallen to its lowest level since September 2024 at $2.13 trillion, and Bitcoin (BTC) is currently hovering at critical support; if lost, it could trigger a rapid drop to the realized price of around $53,000, a historical bear market bottom.

The week ahead will be marked by labor market data releases, which may influence the Federal Reserve's monetary policy. The June Jobs report on Thursday is expected to have a significant impact, with continued labor market weakness validating stagflation concerns and potentially resulting in higher rates priced in.