Key facts
- Bitcoin rose above $65,000, gaining nearly 3% over the week.
- A weaker U.S. jobs report has eased concerns about further Federal Reserve rate hikes.
- Key U.S. inflation data is scheduled for release on Wednesday.
- Ether, BNB, and Solana also posted weekly gains, while XRP lagged.
- Global equities and chipmakers continued recent rallies, while oil prices increased due to Middle East tensions.
Bitcoin has surpassed the $65,000 mark, buoyed by a recent weak U.S. jobs report that has tempered expectations of further Federal Reserve interest rate hikes. The cryptocurrency gained nearly 3% over the past week, with major digital assets like Ether, BNB, and Solana also advancing. XRP was a notable exception, experiencing declines over both the day and the week.
This upward movement in cryptocurrencies occurs alongside broader market trends, with global equities and chipmakers extending their rallies. Oil prices saw an increase due to heightened Middle East tensions, while U.S. Treasury yields and the dollar strengthened. Despite these positive external factors, Bitcoin has navigated internal technical challenges, including vulnerabilities affecting Coldcard-generated wallets and a critical flaw in BTCPay Server that impacted merchant Lightning nodes. A chain split over BIP-110 also caused temporary network stalls.
The upcoming U.S. consumer price index (CPI) report, due Wednesday, is considered the next significant hurdle for Bitcoin. A higher-than-expected inflation reading could reignite fears of increased interest rates, potentially pressuring the cryptocurrency's price. The market is closely watching this data release for further direction.