Bitcoin Stays Close to $64K as HYPE Rallies 8% Weekly
- Most major cryptocurrencies gained on Sunday, but bitcoin, ether, XRP and Solana remained lower on a seven-day basis.
- Bitcoin climbed toward $64,000 during early Asian trading Monday, adding around 0.5% over the previous 24 hours. However, it was still down nearly 3% for the week as a weaker dollar and declining rate-hike expectations failed to push the crypto market beyond its recent range.
- Hyperliquid’s HYPE led the major tokens, rising more than 3% to about $59 and bringing its weekly gain close to 9%. Ether advanced more than 1% to just under $1,900, though it remained roughly 1% lower over seven days.
- Dogecoin gained almost 1% to around $0.07, while Tron rose less than 0.5% to just above $0.33. XRP edged up to approximately $1 but was still down 3% on the week. Solana moved slightly higher to above $75 and remained nearly 2% lower over seven days. BNB slipped slightly to just above $604 and was essentially flat for the week.
- Favorable macroeconomic developments have yet to generate a significant boost for digital assets. Bloomberg’s dollar gauge dropped 0.1%, extending its decline toward a third consecutive session and approaching levels last seen in May. MSCI’s emerging-market currency index also reached a record intraday high, supported by strength in the Taiwanese dollar and Thai baht.
- The shift followed Friday’s U.S. retail sales report, which showed the sharpest monthly decline in more than a year as consumer demand weakened. Markets now assign roughly a 25% probability to a Fed rate hike next month, down from about 50% a week earlier. Treasury prices also moved higher across the yield curve.
- Nick Ruck, director of LVRG Research, said bitcoin continues to hover around $63,000, while slowing ETF inflows suggest traders remain cautious after last week’s sell-off.
- Ruck said investors will be watching the upcoming FOMC minutes and any news from the expected White House crypto meeting. The developments could provide greater clarity on the Fed’s policy path and the future direction of U.S. crypto regulation.
- Minutes from the Fed’s July 28-29 meeting are scheduled for Wednesday at 2 p.m. ET. The release should shed light on how close officials came to raising interest rates before recent economic data lowered expectations for another hike.
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