Bitcoin price holds above $64,000 - InsideBusiness - Business News in Nigeria
The Bitcoin price climbed above $64,000 in Asian morning trading on Monday, but the wider crypto market remained subdued. Bitcoin gained about0. 5%on the day while still sitting nearly 3% lower over the past. . .
TheBitcoin priceclimbed above $64,000 in Asian morning trading on Monday, but the wider crypto market remained subdued. Bitcoin gained about0. 5%on the day while still sitting nearly 3% lower over the past week. A weaker US dollar and falling expectations of another interest rate rise failed to push digital assets out of their recent trading range. Hyperliquid’s HYPEwas the strongest major token, rising more than 3% to around $59. It was also up almost 9% over seven days, making it the only major cryptocurrency with a notable weekly gain. Other leading tokens posted smaller moves:CryptocurrencyMonday moveSeven-day performanceBitcoin+0. 5%-3%HYPE+3%+9%Ether+1%-1%Dogecoin+1%—Tron<0. 5%—XRPMarginal gain-3%SolanaSlight gain-2%BNBSlight declineFlatEther rose more than 1% to just below$1,900, while Dogecoin gained almost 1% to 7 cents. Tron added less than half a per cent to just above 33 cents, and XRP edged up to $1. Solana moved slightly higher to above $75, while BNB slipped to just over $604. The wider economic picture also became more supportive. ABloomberg dollar gaugefell 0. 1%, moving towards a third consecutive decline and levels last seen in May. Meanwhile, MSCI’s emerging-market currency index reached a record intraday level, supported by the Taiwanese dollar and Thai baht. The shift followed US retail sales data showing their sharpest monthly decline in more than a year as consumers reduced spending. Markets now put the chance of aFederal Reserve rate risenext month at roughly one in four, down from about 50% a week earlier. US Treasury bonds also gained across the curve. Nick Ruck, director of LVRG Research, told CoinDesk that the market remained stuck around $63,000, with weaker exchange-traded fund inflows suggesting limited confidence after the previous week’s sell-off. “Key catalysts to watch this week include the release of the FOMC minutes and any developments from the anticipated White House crypto meeting, both of which could provide clearer signals on the regulatory and monetary policy landscape,” Ruck said. The Federal Reserve’s minutes from itsJuly 28-29 meetingare due at 2 p. m. ET on Wednesday. They are expected to show how close officials came to raising interest rates before last week’s economic data reduced those expectations. For now, theBitcoin priceremains under pressure despite a more favourable economic backdrop, leaving investors watching the Fed and upcoming political developments for the next major market signal. Do you think the upcoming Fed minutes could finally push Bitcoin out of its current trading range?Post Views:128