Bitcoin · Federal Reserve (FED) · U.S. Treasury · CoinDesk
Bitcoin tops $65,000 with U.S. inflation data due this week
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Bitcoin rose above $65,000 on Monday, up nearly 3% over the week, with July inflation data due Wednesday at 8:30 a.m.
Key facts
- XRP was the only major in the red on both views, slipping 0.4% to $1.03 and down 4% on the week
- Bitcoin rose above $65,000 on Monday, up nearly 3% over the week, with July inflation data due Wednesday at 8:30 a.m
- Solana was the strongest major, up 1% on the day to nearly $77 and almost 5% over seven days
- Brent rose 1% to $84.40 a barrel, extending a gain of more than 5% over three sessions, after Iran rejected talks with the U.S. and a deal to reopen the Strait of Hormuz stayed out of reach
Summary
Bitcoin climbed above $65,000, gaining nearly 3 percent over the week, as a weak U.S. jobs report eased fears of further Federal Reserve rate hikes ahead of key inflation data on Wednesday. Major cryptocurrencies mostly advanced, with ether, BNB and Solana posting weekly gains while XRP lagged as the only large token in the red over both the day and the week. Global equities and chipmakers extended recent rallies, oil prices rose on renewed Middle East tensions, and U.S. Treasury yields and the dollar firmed, even as bitcoin weathered recent technical setbacks in its own ecosystem. The upcoming U.S. consumer price report is seen as the next major test for bitcoin, with a hotter inflation reading likely to revive expectations for higher interest rates and pressure the cryptocurrency.