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Bitcoin tops $64,000 in Asia morning hours as HYPE jumps 8% on the week
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- DeepHorus
Bitcoin hovered near the $64,000 mark in Asian morning hours on Monday, gaining half a percent on the day but remaining down almost 3% over the past week. The modest uptick came as a softer dollar and diminishing expectations for Federal Reserve rate hikes failed to lift cryptocurrencies out of their recent trading range. Hyperliquid's HYPE token stood out as the day's standout performer, climbing more than 3% to $59 and posting a nearly 9% weekly gain—the only major token with a meaningful weekly advance.
Other major cryptocurrencies showed muted moves. Ether rose over 1% to just under $1,900 but fell 1% over seven days, while Dogecoin added nearly 1% to 7 cents and Tron gained less than half a percent to just over 33 cents. XRP edged up marginally to $1 but declined 3% on the week, and Solana ticked up to just over $75, down almost 2% weekly. BNB slipped marginally to just over $604 and remained flat on the week.
The macroeconomic backdrop turned friendlier without moving crypto. A Bloomberg gauge of the dollar slipped 0.1%, heading for a third consecutive decline to levels last seen in May, while MSCI's emerging-market currency index hit an intraday record, led by the Taiwanese dollar and Thai baht. These moves followed U.S. retail sales data on Friday that showed the sharpest monthly drop in more than a year as consumers pulled back.
Swaps traders now place the probability of a Federal Reserve rate increase next month at roughly one in four, down from about 50% a week earlier, while Treasuries rose across the curve. Despite this supportive macro shift, digital assets remained rangebound, with analysts pointing to fading enthusiasm in exchange-traded fund inflows and uncertainty ahead of key events.
Nick Ruck, director of LVRG Research, told CoinDesk that the market stays stalled near $63,000, with diminishing ETF inflows reflecting a lack of optimism after last week's selloff. He identified the release of the FOMC minutes and any developments from the anticipated White House crypto meeting as key catalysts that could provide clearer signals on regulatory and monetary policy.
The minutes from the Fed's July 28-29 meeting are due Wednesday at 2 p.m. ET, and they will reveal how close the committee came to raising rates before last week's weak data lowered those odds. Market participants will also watch for outcomes from the White House crypto meeting, which could shape the regulatory landscape. Until then, analysts expect cryptocurrencies to remain in a tight holding pattern.
