Crypto Markets Bracing for Impact from Middle East War and Oil Crisis

Crypto markets are bracing for a potentially tumultuous week as the war in the Middle East continues to dominate global headlines.

The ongoing conflict has led to fuel shortages and a significant increase in oil prices, which is expected to impact consumer spending and inflation. In response, some economists are speculating that the Federal Reserve may raise interest rates to combat higher inflationary pressures.

This week's economic calendar includes several key releases that could influence market sentiment. The purchasing managers' survey (PMI) for March will provide insight into how businesses have been affected by the war, while the initial jobless claims report and consumer sentiment reports will offer further clues about labor market health and overall economic conditions.

Beyond these indicators, the ongoing oil crisis is likely to continue weighing on crypto markets. Bitcoin has already shown weakness, falling back below $68,000 over the weekend but recovering slightly by Monday morning. Ether prices are also under pressure, with a minor recovery not expected to last in the face of increasing economic uncertainty.