Bitcoin tops $64,000 in Asia morning hours as HYPE jumps 8% on the week
1 hr ago
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Summary
- Bitcoin hovered around $63,300 in Asian trading, little changed on the day and lower on the week, as cryptocurrencies stayed stuck in a tight range despite a softer dollar and reduced expectations for Federal Reserve rate hikes.
- Hyperliquid’s HYPE token was the standout performer, gaining more than 3 percent on the day and nearly 9 percent over the week, while other major tokens such as ether, solana and XRP saw modest moves and mostly weekly declines.
- Analysts say fading optimism, weaker exchange-traded fund inflows and uncertainty ahead of this week’s Fed minutes and a White House crypto meeting are keeping crypto markets subdued despite a more supportive macro backdrop.
Bitcoin crossed $64,000 in Asian morning hours Monday, up half a percent on the day but down almost 3% over the week, as a softer dollar and fading rate-hike bets failed to lift crypto out of its recent range.
Hyperliquid's HYPE was the standout, up over 3% to $59 and almost 9% on the week, the only major with a meaningful weekly gain. Ether rose over 1% to just under $1,900 but is down 1% over seven days.
Dogecoin added almost 1% to 7 cents, tron under half a percent to just over 33 cents and XRP marginally to $1, though XRP is down 3% on the week. Solana edged up to just over $75 and is down almost 2% over seven days. BNB slipped marginally to just over $604 and was flat on the week.
The macro backdrop turned friendlier without moving crypto. A Bloomberg gauge of the dollar slipped 0.1% toward a third straight decline and levels last seen in May, while MSCI's emerging-market currency index hit an intraday record, led by the Taiwanese dollar and Thai baht.
That followed U.S. retail sales figures on Friday showing the sharpest monthly drop in more than a year as consumers pulled back. Swaps traders now put the chance of a Federal Reserve rate rise next month at around one in four, down from about 50% a week ago, and Treasuries rose across the curve.
Nick Ruck, director of LVRG Research, told CoinDesk the market remains stalled near $63,000 with fading exchange-traded fund inflows showing a lack of optimism after last week's selloff.
“Key catalysts to watch this week include the release of the FOMC minutes and any developments from the anticipated White House crypto meeting, both of which could provide clearer signals on the regulatory and monetary policy landscape,” Ruck said.
Those minutes, from the Fed's July 28-29 meeting, are due Wednesday at 2 p.m. ET. They will show how close the committee came to raising rates before last week's data pushed those odds down.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
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Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
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