Key facts
- Bitcoin traded around $63,300 in Asian markets.
- Hyperliquid's HYPE token was a standout performer, gaining nearly 9% on the week.
- Other major cryptocurrencies like Ether and Solana experienced weekly declines.
- A softer dollar and reduced expectations for Federal Reserve rate hikes did not significantly boost crypto prices.
- Upcoming Federal Open Market Committee (FOMC) minutes and a White House crypto meeting are key events to watch.
Bitcoin traded around $63,300 in Asian markets, largely unchanged on the day and week, as cryptocurrencies remained in a tight range despite a softer dollar and diminished expectations for Federal Reserve rate hikes.
Hyperliquid's HYPE token was a notable exception, rising over 3% on the day and nearly 9% over the week. Other major tokens, including Ether, Solana, and XRP, saw only modest gains and mostly weekly declines.
Analysts attribute the subdued market sentiment to fading optimism, weaker inflows into cryptocurrency exchange-traded funds, and uncertainty surrounding upcoming Federal Reserve minutes and a White House meeting on digital assets. This is occurring despite a more supportive macroeconomic backdrop, including a 0.1% slip in a Bloomberg dollar gauge and record highs for emerging-market currencies.
Friday's U.S. retail sales figures, which showed the sharpest monthly drop in over a year, have led traders to price in a lower probability of a Federal Reserve rate increase next month. Treasury yields also rose across the curve.
Nick Ruck, director at LVRG Research, noted that the market is stalled near $63,000, with a lack of optimism evident in fading ETF inflows. He highlighted the upcoming FOMC minutes and the White House crypto meeting as key catalysts that could provide clearer signals on regulatory and monetary policy.