Manufacturing Data and Iran Talks Drive Crypto Markets Higher

Markets moved steadily higher on the back of macroeconomic drivers rather than crypto-specific catalysts. The US ISM Manufacturing PMI printed at 55.6 in July, its strongest reading in over four years, rising 2.3 points from June's 53.3 and marking the seventh consecutive month of manufacturing expansion. Production jumped to 58.5, new orders climbed to 56.7, and employment recovered above 50 at 52.8, though inventories dipped slightly. Critically, input cost inflation eased to 71.1 from 73.0—the kind of growth without immediate price pressures that suits risk assets.

Energy markets repriced sharply when President Trump announced that planned strikes against Iran had been called off, with talks set to resume on reopening the Strait of Hormuz. WTI crude fell nearly 8% at its lows. Bitcoin climbed to $63,780, up 1.1% over 24 hours after defending support near $62,500 over the weekend. Ethereum traded near $1,850, Solana around $73, and Cardano stood out with a 14% weekly gain near $0.187.

Two factors limited the upside. Bitcoin remains below its 50-day, 100-day and 200-day moving averages at roughly $64,680, $67,200 and $73,000 respectively, keeping price action within a broader downtrend. A Coldcard hardware wallet exploit over the weekend, in which approximately 1,367 BTC were stolen, also dented sentiment and revived self-custody security concerns.

Commentators noted that this marks the seventh consecutive ISM reading above 52, a streak last seen in Q4 2020 as the largest bull run in crypto history began. However, the piece notes that context matters: the 2020 environment combined expansion with zero interest rates and mass stimulus support, conditions that do not exist in 2026.