Bitcoin Climbs Above $65,000 Ahead of Key U.S. Inflation Data

Most major cryptocurrencies are posting weekly gains, with the exception of XRP. Bitcoin, ether and BNB have each advanced nearly 3% over the past seven days as global equities remain close to record highs.

Bitcoin climbed above $65,000 on Monday, extending its weekly gain to almost 3%. Investors are now looking ahead to July’s inflation figures, scheduled for release Wednesday at 8:30 a.m. ET. Last Friday’s weaker-than-expected jobs report reduced concerns that the Federal Reserve might be forced to raise interest rates.

Ether was trading around $1,919 and has also gained nearly 3% over the week. BNB rose 0.3% to $603, bringing its seven-day increase to roughly the same level. Solana was the best-performing major cryptocurrency, adding 1% on the day to trade near $77 and gaining almost 5% over the week. Tron remained steady at around 33 cents.

XRP was the only major cryptocurrency showing losses on both daily and weekly measures. It slipped 0.4% to $1.03 and is down about 4% over the past week. Hyperliquid’s HYPE declined more than 1% to $54 but remains over 3% higher for the week, while dogecoin slipped below 7 cents.

Global stock markets continued to provide a supportive backdrop for risk assets. The MSCI All Country World Index gained 0.1%, marking its seventh advance in eight trading sessions. The Asian stock gauge rose 0.6% after Friday’s disappointing U.S. jobs data helped push the S&P 500 to a record high.

Semiconductor stocks led the gains, with a regional chip index climbing more than 1.5% as Taiwan Semiconductor and SK Hynix advanced.

Oil prices moved in the opposite direction. Brent crude gained 1% to $84.40 a barrel, extending its three-session advance to more than 5%. The increase followed Iran’s rejection of talks with the U.S., while hopes for an agreement to reopen the Strait of Hormuz remained unresolved. Treasury yields also moved higher, with the 10-year yield rising one basis point to 4.66%, while the dollar strengthened against most major currencies.

Bitcoin has therefore managed to advance despite several negative developments within the crypto sector. Over the past 10 days, the market has faced another wave of attacks involving Coldcard-generated wallets, a critical BTCPay Server vulnerability that drained merchant Lightning nodes on Friday, and a BIP-110-related chain split that mined two blocks before stalling.

The next major catalyst is U.S. consumer inflation data. Friday’s weak employment report helped support bitcoin, but a hotter-than-expected inflation reading could revive expectations for higher interest rates and put pressure on the cryptocurrency.