Bitcoin tops $65,000 with US inflation data due this week
Every major except XRP is green on the week, with BTC, ether and BNB each up nearly 3% as global stocks trade near a record.
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Summary
- Bitcoin climbed above $65,000, gaining nearly 3 percent over the week, as a weak U.S. jobs report eased fears of further Federal Reserve rate hikes ahead of key inflation data on Wednesday.
- Major cryptocurrencies mostly advanced, with ether, BNB and Solana posting weekly gains while XRP lagged as the only large token in the red over both the day and the week.
- Global equities and chipmakers extended recent rallies, oil prices rose on renewed Middle East tensions, and U.S. Treasury yields and the dollar firmed, even as bitcoin weathered recent technical setbacks in its own ecosystem.
- The upcoming U.S. consumer price report is seen as the next major test for bitcoin, with a hotter inflation reading likely to revive expectations for higher interest rates and pressure the cryptocurrency.
