CoinDesk
Bitcoin climbed back above $63,000 in U.S. morning hours Saturday, up 1.4% over 24 hours and 3.6% on the week per CoinDesk data, its highest level in two weeks and a full reversal of the losses that closed out June. The move came on the kind of thin holiday tape that tends to amplify price swings, with U.S. markets shuttered for the Independence Day observance.
XRP led the majors, jumping 5.3% to $1.18 and nearly 10% on the week, a move that lifted the token past the USDC stablecoin into fifth place by market value at roughly $73 billion. Ether added 3.2% on the day to about $1,793, up 11.5% over seven days, while Dogecoin rose 2.6% and Solana held near $82.50 with a 13.2% weekly gain.
Why it matters
The rebound tracks a friendlier macro turn that played out across the trading week. Fed Chair Kevin Warsh's comment that inflation risks have come down, a soft June jobs report, and a squeeze on bearish positioning carried Bitcoin from below $60,000 to above $63,000 in five sessions. Bitcoin entered the third quarter at 21-month lows, so the move reclaims meaningful ground lost in June's final slide.
Market impact
Onchain data show XRP holders sitting at their deepest average losses on record, the kind of washed-out positioning some traders buy against. With U.S. desks off and liquidity thin, holiday tape has a habit of exaggerating moves in both directions. Whether the rebound holds now depends on next week's U.S. inflation print and on whether buying returns once a full session of volume is back online.
Frequently asked questions
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Why did Bitcoin jump above $63,000 over the July 4 weekend?
A friendlier macro turn drove the move: Fed Chair Kevin Warsh said inflation risks have come down, the June jobs report came in soft, and a squeeze on bearish positioning carried BTC from below $60,000 to above $63,000 in five sessions. Thin U.S. holiday trading likely amplified the move.
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How much did XRP rise and what did it overtake?
XRP gained 5.3% over 24 hours to $1.18 and nearly 10% on the week, moving past the USDC stablecoin into fifth place among cryptocurrencies by market value at roughly $73 billion.
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How did Ether, Solana, and Dogecoin perform during the rebound?
Ether added 3.2% on the day to about $1,793, up 11.5% over seven days. Solana held near $82.50 with a 13.2% weekly gain, while Dogecoin rose 2.6% on the day.
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What role did onchain data play in the rally?
Onchain metrics show XRP holders sitting at their deepest average losses on record, the kind of washed-out positioning that contrarian traders often buy against, which contextualized the strength of XRP's move.
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Will the Bitcoin rebound hold after the holiday weekend?
Bitcoin entered the third quarter at 21-month lows and has now recovered the ground lost in June's slide. The next U.S. inflation print and a return to normal trading liquidity will determine whether the bid persists or fades.
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