Iran-US Conflict and SpaceX IPO Spark Market Volatility

The cryptocurrency market is facing significant challenges due to the escalating Iran-US conflict, which has led to energy price spikes and macroeconomic fears. The conflict has already triggered over $400 million in liquidations, with more than $300 million coming from long positions.

Despite this, experts believe that the SpaceX IPO could bring fresh capital into the tech and crypto ecosystems, potentially strengthening the bull market. Tom Lee, founder of Bitmine, believes that the IPO success will not signal a top, but rather help the bull market.

The upcoming CPI data drop may also have a significant impact on the market, with forecasted inflation rates reaching 4.2 percent YoY for May. The release of the data is expected to trigger a volatility reaction in the cryptocurrency market, with some experts predicting a potential $60k test for Bitcoin.