Crypto Market Faces 'Huge' Week with Geopolitics and Earnings

The cryptocurrency market is in a fragile state as it faces another eventful week. The weekend saw the US President Donald Trump cancel military strikes against Iran, which led to a brief surge in Bitcoin price to $63,500 on Sunday.

However, the impact was limited, and the price dropped below $63,000 on Monday morning. This week is expected to be significant as it combines geopolitical developments, labor-market data, manufacturing activity, and corporate earnings.

The July ISM Manufacturing PMI will be announced later today, followed by the release of the June JOLTS Job Openings report on Tuesday. Wednesday's ADP Nonfarm Employment Change will provide a glimpse into employment conditions ahead of Friday's official jobs report.

Nearly 20% of S&P 500 companies are scheduled to report quarterly results this week, which could influence investor sentiment. Strong earnings from major tech firms have frequently boosted appetite for higher-risk assets.