Bitcoin tops $65,000 with U.S. inflation data due this week
- 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.
Bitcoin rose above $65,000 on Monday, up nearly 3% over the week, with July inflation data due Wednesday at 8:30 a.m. ET after Friday's weak jobs report eased worries the Federal Reserve would need to raise rates.
Ether traded near $1,919 and is also up almost 3% on the week. BNB gained 0.3% to $603 and matched that weekly move. Solana was the strongest major, up 1% on the day to nearly $77 and almost 5% over seven days. Tron held at 33 cents.
XRP was the only major in the red on both views, slipping 0.4% to $1.03 and down 4% on the week. Hyperliquid's HYPE fell over 1% to $54 but remains up over 3% on the week, and dogecoin eased to under 7 cents.
Equities set the tone. The MSCI All Country World Index rose 0.1%, its seventh gain in eight sessions, with the Asian gauge up 0.6% after Friday's soft jobs report sent the S&P 500 to a record.
Chipmakers led, with a regional semiconductor gauge rallying more than 1.5% on gains at Taiwan Semiconductor and SK Hynix.