Bitcoin edged above the $64,000 mark during early Asian trading on Monday, posting a modest intraday gain of around 0.5%, yet its weekly decline remains close to 3%. Despite a softer US dollar and diminishing expectations for a Federal Reserve rate hike, crypto assets have not broken free from their recent range-bound trading pattern.
The standout performer among major tokens was HYPE, the native token of the hyper-liquidity platform, which climbed over 3% on the day to reach $59, and recorded a robust weekly gain of nearly 9%, making it the only significant mover this week. Ethereum rose more than 1% to approach the $1,900 level, but its seven-day loss stands at approximately 1%. Dogecoin added nearly 1% to trade at 7 US cents. Tron inched up less than 0.5% to just above 33 US cents. Ripple ticked slightly higher to $1, though it has dropped 3% over the week. Solana edged up to just above $75, with a seven-day decline of nearly 2%. Binance Coin slipped slightly to slightly above $604, holding roughly flat on a weekly basis.
The improving macroeconomic backdrop has failed to lift the crypto market in tandem. The US dollar index slipped 0.1%, heading for a third straight day of losses and hitting its lowest level since May, while the MSCI Emerging Markets Currency Index, boosted by the Taiwan dollar and the Thai baht, scaled a new all-time high during the session. This follows US retail sales data released last Friday, which showed the largest monthly drop in over a year as consumer spending retreated. Data from the interest rate swap market indicates that traders now price in just a 25% probability of a Fed rate hike next month, down from around 50% a week ago, and US Treasury yields have fallen across the curve.
Nick Ruck, Director of Research at LVRG Research, noted that the market remains stalled near the $63,000 level, with exchange-traded fund inflows continuing to weaken after last week’s sell-off, signalling a lack of bullish sentiment. Key catalysts on the horizon this week include the release of the Federal Open Market Committee’s meeting minutes and developments from the White House crypto summit, both of which could provide clearer signals on the direction of regulatory and monetary policy. The Fed’s minutes from its July 28–29 meeting, due on Wednesday, will reveal how close the committee was to raising rates before last week’s data lowered that probability.
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