Bitcoin Tops $63,000 on Warsh Inflation Comments
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- Bitcoin climbed above $63,000 in U.S. morning hours Saturday, up 1.4% over 24 hours and 3.6% on the week, reaching its highest level in two weeks and fully reversing its late-June losses after entering Q3 at 21-month lows
- XRP jumped 5.3% to $1.18 on the day and nearly 10% on the week, overtaking USDC to become the fifth-largest cryptocurrency by market value at approximately $73 billion
- XRP holders sat at their deepest average losses on record per onchain data cited in the report — the kind of washed-out positioning some traders buy against
- Fed Chair Kevin Warsh's comment that inflation risks have come down, combined with a soft June jobs report and a squeeze on bearish traders, drove Bitcoin from below $60,000 to above $63,000 in five sessions
- Ether added 3.2% to about $1,793, up 11.5% over seven days, while dogecoin rose 2.6% and solana held near $82.50 with a 13.2% weekly gain
- Saturday's trading was thin with U.S. markets shut for the Independence Day holiday, a liquidity condition that can amplify price moves in either direction, with the next test hinging on the upcoming U.S. inflation print
Why it matters: Bitcoin has clawed back its late-June slide in just five sessions on Warsh's dovish comments and a soft jobs report, but Saturday's move came on holiday-thin volume — the real test arrives when U.S. desks return and the next inflation print lands. XRP leapfrogging USDC into fifth place is a notable reshuffle among crypto majors.
