The ECB may hold a rate pause in July - The European Central Bank may keep interest rates unchanged at its next meeting in July if energy prices remain stable, Reuters reports, citing two sources.
Oil prices fall after US-Iran deal - Oil prices have fallen to levels seen before the conflict with Iran.
Standard Chartered believes the crypto market has reached a cycle low, with Bitcoin recently falling to $59,000, a 53% decline from its peak of $126,000.
Jeffrey Kendrick, global head of digital asset research at Standard Chartered, pointed to two potential catalysts on Friday that could confirm a trend reversal. First, a peace agreement between the US and Iran as part of the G7 talks, if confirmed, "could mark the end of the rise in oil prices and, consequently, US Treasury yields," he noted in his research note.
Furthermore, the highly anticipated SpaceX IPO on Friday could end a period of active selling by Bitcoin ETF holders, who, according to Kendrick, were reportedly closing positions to free up cash ahead of the offering. Recent weeks have seen some of the most significant outflows from ETFs since their launch.
To support his forecast, the analyst said he expects to see MicroStrategy announce new Bitcoin purchases on Monday, a positive day for ETF inflows, and a continued decline in oil prices.
"Winter is over. Welcome back to crypto spring," he wrote.
Earlier this month, Kendrick reiterated his previously stated forecast of Bitcoin reaching $100,000 by the end of the year. "When we look at Bitcoin at $100,000 by the end of 2026, we'll say that was the buy zone we all wanted," he noted in a note in early June.
Bitcoin has lost more than half its value since peaking in October of last year—a sharp decline that has occurred despite the Trump administration consistently implementing a number of policies favorable to the crypto market.
On Friday, the token rose 0.9% to $63,337.80, moving toward a weekly gain of approximately 4%, following a 17% drop the previous week.
Nevertheless, the cryptocurrency remains near yearly lows under pressure from sustained institutional selling through spot exchange-traded funds (ETFs).