Home›Crypto›Market Structure›Bitcoin tops $65,000 as US inflation data looms

Bitcoin tops $65,000 as US inflation data looms

BTC gained nearly 3% over the week and is awaiting the Wednesday CPI print that could shift rate expectations, with ether also up almost 3% on the week.

Reported · Written up by our desk · Market Structure

Bitcoin rose above $65,000 and added nearly 3% for the week as markets digested a weak U.S. jobs report and looked ahead to key inflation data due Wednesday, a day that traders see as the next major test for the token, according to CoinDesk.

CoinDesk said ether traded near $1,919, up almost 3% on the week, while BNB rose about 0.3% to $603 and matched that weekly gain. Solana was the strongest large token, up 1% on the day to nearly $77 and almost 5% over seven days, while XRP was the only major in the red, down 0.4% to $1.03 and about 4% on the week.

CoinDesk also pointed to supportive risk sentiment, noting global equities and chipmakers extended recent rallies after Friday's softer jobs data sent the S&P 500 to a record. Oil rose, with Brent up 1% to $84.40 a barrel amid renewed Middle East tensions after Iran rejected talks with the U.S.

Treasuries and the dollar firmed after giving back some of Friday's rally, CoinDesk reported, with the 10-year yield up 1 basis point to 4.66%. The next U.S. CPI reading, scheduled for 8:30 a.m. ET, is expected to influence expectations for further Federal Reserve rate hikes, which could affect crypto prices.

Latest closeBrent $83.46 |Bitcoin $64,960.82 ▲0.1%|Solana $76.48 ▲0.7%

More like this

Sources