Bitcoin tops $65,000 with US inflation data due this week
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- Bitcoin rose above $65,000, gaining nearly 3% over the week after Friday's weak U.S. jobs report eased fears the Federal Reserve would need to raise rates further.
- Ether traded near $1,919 (up ~3% weekly), BNB gained 0.3% to $603 (matching the ~3% weekly move), and Solana led majors at nearly $77, up almost 5% over seven days.
- XRP was the only major in the red, slipping 0.4% to $1.03 and down 4% on the week; Hyperliquid's HYPE fell over 1% to $54 despite a 3%+ weekly gain.
- Global equities drove the risk-on tone — the MSCI All Country World Index rose 0.1% (seventh gain in eight sessions), the Asian gauge added 0.6%, and the S&P 500 hit a record Friday with chipmakers rallying on Taiwan Semiconductor and SK Hynix.
- Oil diverged — Brent climbed 1% to $84.40 after Iran rejected talks with the U.S. and a deal to reopen the Strait of Hormuz remained out of reach; the 10-year Treasury yield edged up a basis point to 4.66%.
- Bitcoin's own ecosystem took multiple hits in the past ten days: a fourth wave of sweeps against Coldcard-generated wallets, a critical flaw in BTCPay Server that drained merchant Lightning nodes, and a chain split over BIP-110 that produced two stalled blocks.
- July U.S. CPI data due Wednesday at 8:30 a.m. ET is framed as the next major test — a hotter reading could revive rate-hike expectations and pressure the cryptocurrency.
Why it matters: Wednesday's CPI print is the binary catalyst: a soft reading cements the post-jobs Fed-pivot trade that lifted BTC nearly 3% on the week, while a hot number revives rate-hike fears and likely reverses the move. Notably, Bitcoin rallied in spite of — not because of — its own ecosystem (Coldcard sweeps, BTCPay flaw, BIP-110 chain split), making the price action unusually dependent on macro rather than crypto-native signals.
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