Crypto Markets Rally Amid US-Iran Ceasefire, But Rate Hike Looms Large

Crypto markets have started the week on an upward trend as investors prepare for a potentially volatile period ahead. The US central bank's decision to pause its bombing campaign against Iran has contributed to a dip in oil prices and a surge in US stock futures and crypto markets.

The upcoming week is packed with key economic events, including July's Consumer Confidence data on Tuesday, the Fed's interest rate decision on Wednesday, and July's PCE inflation data on Thursday. The odds of a rate hike have increased, with the CME Fed watch tool predicting a 36.3% chance of an increase.

Major tech companies such as Microsoft, Meta, Apple, and Amazon are also reporting earnings this week. Kristina Hooper, chief market strategist at Man Group, warned that investors are 'walking on eggshells' and may react negatively to any signs of imperfection.