Bitcoin Drops Below $60K This Week Amid Inflation Data, Iran Tensions; ETH Hits 14-Month Low

According to The Kobeissi Letter, crypto markets fell to their lowest levels since October 2024 this week (June 8-12), with Bitcoin dropping below $60,000 to a cycle low before rebounding to $63,000 by Monday morning Asia time. The asset has lost 14% over the past seven days, while Ethereum slumped to just above $1,500, its lowest level in 14 months. Total crypto market capitalization dipped to $2.17 trillion over the weekend.

The week ahead could see further volatility as multiple catalysts loom: the U.S. CPI inflation report due Wednesday and PPI inflation data on Thursday may influence market sentiment ahead of the Federal Reserve's June 17 rate decision. Ongoing geopolitical tensions between the U.S., Israel, and Iran, coupled with climbing oil prices, add additional pressure on risk assets.