Bitcoin tops $65,000 with U.S. inflation data due this week
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- Bitcoin climbed above $65,000, up nearly 3% for the week, after Friday's weak U.S. jobs report eased fears of further Federal Reserve rate hikes ahead of Wednesday's July CPI data due at 8:30 a.m. ET.
- Ether traded near $1,919 and matched Bitcoin's ~3% weekly gain, while BNB rose 0.3% to $603 and Solana added 1% to nearly $77 (up ~5% on the week); XRP was the only major in the red, slipping 0.4% to $1.03 and down 4% weekly.
- Global equities set the tone, with the MSCI All Country World Index rising 0.1% for its seventh gain in eight sessions and an Asian gauge up 0.6% after the S&P 500 hit a record; chipmakers led with a regional semiconductor gauge rallying over 1.5% on gains at Taiwan Semiconductor and SK Hynix.
- Brent crude rose 1% to $84.40 a barrel, extending a 5%+ gain over three sessions after Iran rejected talks with the U.S. and a deal to reopen the Strait of Hormuz stayed out of reach.
- Treasury yields and the dollar firmed, with the 10-year yield up a basis point to 4.66%, while Bitcoin weathered its own ecosystem setbacks: a fourth wave of sweeps against Coldcard-generated wallets, a critical flaw in BTCPay Server that drained merchant Lightning nodes on Friday, and a chain split over BIP-110 that produced two blocks.
- Wednesday's CPI report is the next major test — a hotter inflation reading would revive rate-hike expectations and pressure the cryptocurrency, according to the article.
Why it matters: Wednesday's July CPI release is the single macro test standing between Bitcoin and an extended relief rally — a hot print would revive rate-hike expectations and pressure crypto per the article. BTC gained 3% weekly despite Coldcard sweeps, a BTCPay Server exploit, and a BIP-110 chain split, meaning macro is doing all the lifting, not the crypto ecosystem itself.
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