Bitcoin Tops $65,000 as Weak Jobs Report Eases Fed Rate-Hike Fears Ahead of CPI Data

Bitcoin climbed above $65,000 on Monday, gaining nearly 3% over the week, after a soft U.S. jobs report on Friday alleviated concerns that the Federal Reserve would need to continue raising interest rates. The dynamic underscores bitcoin's ongoing sensitivity to macroeconomic conditions, as the cryptocurrency frequently trades in tandem with risk assets like technology stocks in response to shifting liquidity expectations. The advance came ahead of July consumer price index (CPI) data scheduled for release on Wednesday at 8:30 a.m. ET, which is widely seen as the next major test for the cryptocurrency.

Crypto Market Moves

Major cryptocurrencies mostly advanced. Ether traded near $1,919, up almost 3% on the week. BNB gained 0.3% to $603, matching ether's weekly performance. Solana was the strongest performer among major tokens, rising 1% on the day to nearly $77 and posting a roughly 5% gain over seven days. Tron held at 33 cents.

XRP was the only major token in the red on both the daily and weekly timeframes, slipping 0.4% to $1.03 and declining 4% over the week. Hyperliquid's HYPE fell more than 1% to $54 but remained up over 3% on the week. Dogecoin eased to under 7 cents.

Global Equities and Commodities

Global equities set a constructive tone. The MSCI All Country World Index rose 0.1%, marking its seventh gain in eight sessions, while the Asian gauge advanced 0.6% after Friday's weak jobs report propelled the S&P 500 to a record close. Chipmakers led the rally, with a regional semiconductor gauge climbing more than 1.5% on strength in Taiwan Semiconductor and SK Hynix.

Oil prices moved higher. Brent crude rose 1% to $84.40 a barrel, extending a gain of more than 5% over three sessions, after Iran rejected negotiations with the United States and a deal to reopen the Strait of Hormuz remained out of reach. U.S. Treasury yields gave back some of Friday's rally, with the 10-year yield rising one basis point to 4.66%, and the dollar strengthened against most major currencies.

Bitcoin Ecosystem Headwinds

Bitcoin's price resilience came despite a series of technical setbacks within its own ecosystem over the past ten days, highlighting a divergence between market optimism and underlying network security challenges. A fourth wave of sweeps targeting Coldcard-generated wallets emerged, a critical flaw in BTCPay Server drained merchant Lightning nodes on Friday, and a chain split over BIP-110 produced two blocks before stalling.

What's Next

Friday's jobs report provided a tailwind for bitcoin by reducing expectations of further monetary tightening. The upcoming CPI release will serve as the next directional catalyst, with market participants closely watching both headline and core inflation figures for clues on the central bank's policy path. A hotter-than-expected inflation reading could revive expectations for higher interest rates and apply downward pressure on the cryptocurrency, while a cooler print would likely reinforce the current risk-on sentiment.