CoinDesk
Bitcoin crossed $64,000 in Asian morning hours Monday, gaining roughly half a percent on the day even as it remains down almost 3% over seven days. The world's largest crypto hovered around $63,300 earlier in the session, stuck in a tight range that has held for most of the week despite a softer dollar and rapidly fading expectations of a Federal Reserve rate hike. Hyperliquid's HYPE token bucked the broader malaise, jumping more than 3% on the day to $59 and almost 9% over the week, the only major with a meaningful weekly gain.
Why it matters
Macro conditions are turning friendlier without moving crypto. A Bloomberg gauge of the dollar slipped 0.1% toward a third straight decline and levels last seen in May, while MSCI's emerging-market currency index hit an intraday record led by the Taiwanese dollar and Thai baht. U.S. retail sales figures on Friday showed the sharpest monthly drop in more than a year, and swaps traders now put the chance of a Fed rate rise next month at around one in four, down from roughly 50% a week ago. Yet crypto has barely responded, with ETF inflows fading and traders bracing for Wednesday's FOMC minutes and this week's anticipated White House crypto meeting. In the technology corner, Zcash's Tachyon upgrade is set to scale shielded payments, improve quantum readiness, and stress-test the network's security and funding under live conditions.
Market impact
LVRG Research director Nick Ruck told CoinDesk the market remains stalled near $63,000 with fading ETF inflows signalling a lack of optimism after last week's selloff. Beyond HYPE, ether rose more than 1% to just under $1,900 but is down 1% on the week. Dogecoin added nearly 1% to 7 cents, tron crept up under half a percent to just over 33 cents, and XRP ticked marginally to $1, down 3% on the week. Solana edged to just over $75 and is down almost 2% on seven days, while BNB slipped marginally to just over $604 and was flat on the week. With the Fed minutes and a White House crypto meeting both on the calendar, the catalysts that could break the band sit within a three-day window.
Frequently asked questions
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Why is Bitcoin stuck near $63K despite a softer dollar?
Bitcoin hovered around $63,300 in Asian trading, stuck in a tight range despite a softening dollar and fading Fed rate-hike expectations, with LVRG Research's Nick Ruck telling CoinDesk that ETF inflows are fading and traders are waiting on Wednesday's FOMC minutes and this week's White House crypto meeting.
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What drove Hyperliquid's HYPE token's 9% weekly gain?
HYPE gained more than 3% on the day to $59 and almost 9% over the week, making it the only major token with a meaningful weekly gain, though the seed does not point to a specific catalyst behind the move.
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What catalysts could break the crypto range this week?
Traders are watching Wednesday's FOMC minutes from the Fed's July 28-29 meeting and an anticipated White House crypto meeting, both of which could provide clearer signals on the regulatory and monetary policy landscape.
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How have Fed rate-hike expectations shifted?
Swaps traders now put the chance of a Fed rate rise next month at around one in four, down from roughly 50% a week ago, after U.S. retail sales figures on Friday showed the sharpest monthly drop in more than a year.
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What is Zcash's Tachyon upgrade designed to do?
Zcash's Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and stress-test the network's funding, security, and governance under live conditions.
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