CPI, PPI and Bank Earnings Walk Into a Crypto Bar 📊

U.S. inflation data and second-quarter earnings from major American banks are set to dominate crypto markets in the week starting July 13, as investors weigh signals on interest rates, economic growth and risk appetite. June's consumer price index is scheduled for release on Tuesday, followed by producer prices on Wednesday, giving markets two opportunities to gauge the Federal Reserve's policy path. Markus Levin, co-founder of XYO, told CoinDesk that softer CPI and PPI readings could strengthen the case for easier monetary policy, which has historically supported bitcoin ($BTC $63,045.68) and the broader crypto market. A stronger-than-expected inflation print, however, could push out rate-cut expectations and potentially send bitcoin below $60,000, he said.

Bank earnings are also in focus, with JPMorgan, Citigroup and Wells Fargo among the lenders set to report results. "Investors will also be watching earnings from major U.S. banks, including JPMorgan, Citigroup and Wells Fargo, as their results often provide one of the clearest snapshots of the health of the U.S. economy," Levin said. "Strong loan demand, healthy consumer spending and stable credit quality would reinforce the view that economic growth remains resilient, supporting broader risk appetite." Renewed U.S.-Iran tensions and the risk of disruption around the Strait of Hormuz are likely to add to volatility through oil prices and other risk markets.

On the crypto side, Ethereum developers are scheduled to review progress on testing the planned Glamsterdam upgrade on July 13. Jito is expected to make its self-custody Solana trading app, JTX, accessible for early users on July 14.

Key macroeconomic releases include U.S. core inflation month-on-month for June, estimated at 0.2% versus a prior 0.3%, and core CPI year-on-year, estimated at 2.9%, in line with the previous reading. Headline CPI year-on-year is expected to come in below the prior 4.2%, with month-on-month estimated at -0.1%. Fed Chair Warsh is due to present the semiannual monetary policy report to Congress at 10 a.m. ET on July 14, the same day China releases Q2 GDP, estimated at 4.4% versus a prior 5%. Other events include a speech by Fed's Williams on July 15, a Bank of Canada interest-rate decision, U.S. initial jobless claims for the week ending July 11 on July 16, and final eurozone CPI for June on July 17, estimated at 2.8% versus 3.2%.