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Bitcoin Flat Near $64,300 Ahead of US Jobs Report; Oil Rises

Created at 7 Aug · 7:51 AM1 source↑ Market-relevant
IN SHORT

Bitcoin traded near $64,350 on Friday, unchanged for the week, as markets awaited the US jobs report. Rising oil prices due to tensions in the Strait of Hormuz revived inflation concerns, pushing Treasury yields higher and capping risk assets.

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Key Numbers

$64,350Bitcoin price
$1,903Ether price
1.4%Brent crude price increase
$83.61Brent crude price
7 basis points10-year Treasury yield increase

Who's Involved

CoinDesk
provided Bitcoin price data
Iran
reported to attempt Strait of Hormuz shipping restrictions
Federal Reserve
monitors inflation and sets interest rates
Bitcoin Flat Near $64,300 Ahead of US Jobs Report; Oil Rises

↳ Why This Matters

The US jobs report and oil price movements are closely watched as they influence Federal Reserve policy, Treasury yields, and the US dollar, all of which significantly impact Bitcoin's price and the broader risk asset landscape.

Key facts

  • Bitcoin traded near $64,350 on Friday, unchanged for the week.
  • Ether held steady at $1,903.
  • Brent crude oil prices increased by 1.4% to $83.61.
  • Reports suggest Iran may restrict passage through the Strait of Hormuz.
  • The 10-year Treasury yield climbed seven basis points.

    • Bitcoin remained flat around $64,350 on Friday, with the broader cryptocurrency market showing little movement as investors awaited the crucial US jobs report. Ether also held steady near $1,903.

    Overnight, market sentiment shifted as Brent crude oil prices climbed 1.4% to $83.61. This rise was attributed to reports that Iran intends to restrict passage for US and Israeli ships through the Strait of Hormuz and demand compensation from perceived hostile nations. This development stalled a previous downward trend in oil prices.

    The increase in crude oil prices has reignited inflation concerns, which could influence the Federal Reserve's monetary policy. Consequently, the 10-year Treasury yield rose by seven basis points during the US session. This macro environment, characterized by rising oil prices, persistent inflation worries, firm yields, and a strong dollar, has constrained risk assets like Bitcoin throughout the summer.

    The upcoming US payrolls report is seen as a key catalyst. A weaker-than-expected print could bolster the case for the Federal Reserve to ease monetary policy, potentially providing Bitcoin with upward momentum. Conversely, a strong jobs number, coupled with rising oil prices, could give the Federal Reserve more reason to maintain a hawkish stance, reinforcing the current trading range for Bitcoin that has been in place since May.

    Frequently asked questions

    Bitcoin is trading near $64,350 as of Friday.

    Reports suggest Iran may restrict shipping through the Strait of Hormuz, impacting supply concerns.

    Higher oil prices can increase inflation worries, leading to higher yields and a stronger dollar, which typically caps risk assets like Bitcoin.

    The jobs report is a key indicator for the Federal Reserve's monetary policy decisions; a weak report could signal potential rate cuts, while a strong report might support higher rates.

    What Happens Next

    01Investors await the US jobs report for market direction.
    02The reaction in Treasury yields will be closely monitored.

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    Cadence
    CME Headlines
    • Product Modification Summary: Amendments to the Strike Price Listing Schedule for all Hourly Event Contract Swaps on Ether — Effective August 10, 2026
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    How It Developed

    Bitcoin traded near $64,350 on Friday, unchanged on the week.
    Ether held at $1,903.
    Brent crude rose 1.4% to $83.61 amid reports of potential Strait of Hormuz shipping restrictions.
    Rising oil prices revived inflation worries, leading to a seven basis point climb in the 10-year Treasury yield.
    The US dollar posted its best day in two weeks.

    Sources

    T1
    Live updates: Bitcoin flat at $64,300 before US jobs report, with oil back as a headwindCoinDesk

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