Bitcoin Reclaims $65,000 Ahead of Crucial U.S. Inflation Readout

Bitcoin moved above $65,000 on Monday as most major cryptocurrencies posted weekly gains, with traders preparing for the release of key U.S. inflation data. BTC, ether and BNB have each risen nearly 3% over the past week, while XRP has moved lower.

The leading cryptocurrency gained almost 3% over seven days as markets looked ahead to July’s consumer price data, due Wednesday at 8:30 a.m. ET. A weaker U.S. jobs report last Friday reduced expectations of another Federal Reserve rate increase, providing some support for risk assets.

Ether hovered near $1,919, up close to 3% on the week. BNB added 0.3% to $603, bringing its weekly gain to around 3%. Solana was the strongest major token, rising 1% on Monday to nearly $77 and gaining almost 5% over seven days. Tron remained around 33 cents.

XRP was the weakest among major cryptocurrencies, falling 0.4% to $1.03 and losing about 4% over the week. Hyperliquid’s HYPE declined more than 1% to $54 but remained above a 3% weekly gain. Dogecoin also slipped below 7 cents.

Equity markets continued to underpin broader risk sentiment. The MSCI All Country World Index rose 0.1%, marking its seventh advance in eight sessions, while an Asian stock benchmark gained 0.6%. The S&P 500 reached another record after Friday’s disappointing U.S. employment report.

Semiconductor stocks were among the biggest gainers, with a regional chip index climbing more than 1.5%, helped by stronger performances from Taiwan Semiconductor and SK Hynix.

Brent crude rose 1% to $84.40 a barrel, extending its gain above 5% over the past three sessions. Oil prices strengthened after Iran rejected negotiations with the U.S., while uncertainty remained around efforts to reopen the Strait of Hormuz. Meanwhile, the 10-year Treasury yield edged up one basis point to 4.66%, and the U.S. dollar gained against most major currencies.

Bitcoin’s rise has come despite a number of recent problems in the crypto industry. Coldcard-generated wallets have been targeted in another wave of sweeps, a critical BTCPay Server flaw drained merchant Lightning nodes, and the BIP-110 dispute triggered a chain split that resulted in two blocks before the effort stalled.

With employment data already shifting rate expectations, Wednesday’s inflation report will be the next major test for bitcoin. A hotter reading could revive concerns about higher interest rates and potentially weigh on the cryptocurrency’s recent gains.