Key facts
- Bitcoin traded near $64,300 on Friday.
- Bitcoin has been unchanged for the week.
- Markets are awaiting the US jobs report.
- Oil prices are rising due to tensions in the Strait of Hormuz.
- Rising oil prices revived inflation concerns.
- Treasury yields have moved higher.
- Higher Treasury yields are capping risk assets.
- XRP experienced significant losses.
- A procedural vote on the Crypto Clarity Act was delayed to September.
- The delay means a bespoke law for digital assets may not materialize this year.
- Regulatory oversight may remain with existing agencies.
- Brent crude oil prices surpassed $83 a barrel.
Bitcoin has traded flat near $64,300-$64,700 as global markets anticipate the release of the US jobs report. This week, Bitcoin has shown little change in its valuation. Rising oil prices, driven by heightened tensions in the Strait of Hormuz and Houthi attacks in the Middle East, have revived inflation concerns. Brent crude oil prices have surpassed $83 a barrel. These developments have led to higher Treasury yields, which in turn have capped the performance of risk assets like Bitcoin. Concurrently, gold prices have risen 1.5% to $4,300 per ounce, as investors increasingly turn to safe-haven assets amidst geopolitical instability. In the cryptocurrency space, XRP has experienced significant losses. This downturn is linked to the US Senate delaying a procedural vote on the Crypto Clarity Act until September. The bill's failure to advance this week suggests that a specific legislative framework for digital assets may not be established this year, leaving regulatory oversight to existing agencies such as the SEC and CFTC.