Crypto Market Braces for Volatile Week Amid Hormuz Strikes and Jobs Data

The crypto market is bracing for a volatile week ahead of July 4th, with fresh Strait of Hormuz strikes and four major economic releases set to shape sentiment.

Bitcoin has been under pressure since June 5, bottoming at $59,120 before recovering briefly following the mid-June ceasefire framework. However, it slid back to around $60,345 by June 27, its lowest level since late 2024, with sentiment readings in Extreme Fear territory.

The recent escalation in the conflict has pushed oil prices higher, feeding into inflation expectations and giving the Federal Reserve less room to ease policy. This makes non-yielding assets like Bitcoin less attractive relative to fixed income, a dynamic that's been quietly weighing on crypto sentiment throughout the conflict.

Four scheduled economic releases will shape how the crypto market trades heading into the holiday: Tuesday brings May JOLTS Job Openings and June's Conference Board Consumer Confidence reading; Wednesday's June ISM Manufacturing PMI is expected to ease from May's 82.1 reading toward 79, a signal markets will read for clues on whether cost pressures are finally cooling.

Thursday's headline event is the June jobs report, pulled forward a day earlier than usual because Friday's holiday closes US markets. Consensus expectations point to roughly 130,000 jobs added, a step down from the three-month average of around 188,000.