Bitcoin 
$78,323 and Ethereum 
$2,378 have made notable strides this week, with Bitcoin surpassing the $108,000 mark and Ethereum crossing $2,500. As these significant movements unfold, many altcoins are also experiencing upward trends, some exceeding 5% growth. This resurgence in prices has redirected the attention of investors towards the upcoming macroeconomic data releases and statements from major central bank officials during the European Central Bank (ECB) forum. Notably, the crypto market has largely recovered from losses incurred due to tensions between Iran and Israel, which had previously driven Bitcoin below $100,000.
The Focus on Macroeconomic Data and Powell’s Statements
Market participants are closely monitoring a series of critical macroeconomic data expected to be released this week, alongside remarks from top-level central bankers speaking at the ECB forum. Federal Reserve Chairman Jerome Powell is set to speak at the ECB forum panel on Tuesday, alongside central bank heads from the UK, South Korea, and Japan.
Last week, Powell expressed to U.S. officials that the Fed would not rush to cut interest rates. Meanwhile, U.S. President Donald Trump criticized Powell on Sunday for keeping interest rates “artificially high.” These contradictory statements have increased uncertainty regarding the Fed’s future monetary policy.
Peter Chung, Head of Research at Presto Research, has labeled this week as “significant,” reminding that labor market data including May’s Job Openings and Labor Turnover Survey (JOLTS), June’s non-farm payrolls, and the unemployment rate, are set for release. Chung underscored that “foundations in the realm of cryptocurrency have never been stronger thanks to policy winds and mainstream adoption.” He added that if these data indicate weakness, expectations for a rate cut could strengthen, potentially raising prices of risk assets, including cryptocurrencies.
Tariff Discussions Continue to Garner Attention
Vincent Liu, CIO of Kronos Research, emphasized that investors are also paying close attention to developments in tariff discussions and movements in the U.S. dollar as deadlines on July 8 and 9 approach. Liu noted, “Tariff talks and continuing dollar weakness will capture the market’s attention this week, ahead of the July 8 deadline.”
Liu highlighted that the Crypto Fear and Greed Index stands at 66, indicating a “high” market sentiment, but warned that any significant macro change could disrupt this scenario. He concluded by stating, “Cryptos are rising but trust can be tested. Momentum is building as macro headwinds ease and risk appetite returns.”
