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The crypto market held relatively well this weekend as geopolitical tensions in the Middle East rose. Bitcoin rose to $66,500 on Sunday, while the market capitalization of all tokens rose by nearly 4% to $2.3 trillion. This article explores some of the top crypto news to watch this week.
Geopolitical Tensions Will be the Top Crypto Market News This Week
The key crypto market news to watch this week will be the rising geopolitical tensions in the Middle East. There, the US and Israel launched major attacks on Iran, killing its leader, Ayatollah Ali Khamenei.
Bitcoin and other altcoins initially dropped after the attacks started. Then, it bounced back after Donald Trump proposed off-ramp measures.
This war will have a major impact on cryptocurrencies. For one, Iran has already shut down the Strait of Hormuz, a move that will lead to higher crude oil prices. Indeed, oil futures contracts offered by Hyperliquid show that prices jumped to over $90 a barrel.
Higher crude oil prices will likely drive consumer inflation. This made it hard for the Federal Reserve to start cutting interest rates in the near term.
Indeed, a report released on Friday showed that the Producer Price Index (PPI) rose in January. It moved further away from the Federal Reserve’s target of 2.0%. Crypto prices often underperform the market when the Fed has a hawkish view.
A prolonged war may push crypto prices lower. Investors no longer treat Bitcoin as a safe-haven asset. Instead, investors are turning to gold, which has jumped to a record high this year.
US Non-Farm Payrolls (NFP) Data
The other major crypto news this week will come from the United States. There, ADP and the Bureau of Labor Statistics (BLS) will publish the latest jobs numbers.
ADP will release the private non-farm payrolls report on Wednesday. Economists expect the private sector to add 45k jobs in February. The sector created 22k jobs in the previous month.
Economists expect the upcoming BLS report to show that the economy created 70k jobs in February. The economy added 130k jobs in the previous month. Analysts see this as a slowdown in hiring momentum. The unemployment rate is expected to remain unchanged at 4.3%.
In addition to the labor market data, the US will publish the latest manufacturing and services PMI numbers. This will provide more information about the health of the private sector in the economy.
Top Crypto Tokens to Have Unlocks This Week
Meanwhile, some notable cryptocurrencies will have token unlocks this week, a move that will lead to more supply.
Power Protocol, a crypto project with a market capitalization of over $400 million, will unlock 12 million tokens on Thursday. Berachain, a top crypto project with over $138 million in value, will unlock 13.28 million tokens worth over $8 million.
The other top tokens set for unlocks this week include Jito, the leading liquid staking platform on Solana. MYX Finance will also have unlocks. Movement and Tensor join the list as well. According to DeFi Llama, token unlocks worth over $57 million will happen in the next seven days.
Core Scientific Earnings
The crypto market recently reacted to some notable earnings from large companies in the crypto industry. That includes Coinbase, Hut 8, and Mara Holdings.
Core Scientific, a leading Bitcoin mining and high-density colocation services provider, will be the only company releasing results this week. Investors will closely watch its performance. The report could set the tone for sentiment in the crypto mining sector.
These numbers will provide more color on its business as the Bitcoin mining industry slows and the colocation industry booms.
The most recent results showed that Core Scientific’s self-mining revenue dropped to $57.4 million. At the same time, its hosted mining crashed to $8.7 million from the previous $16.9 million.
Its high-density colocation business made $15 million, up from the $10 million it made in the same period last year. Core Scientific’s net loss narrowed to $146 million from $455 million.
