Bitcoin Holds Steady Ahead of Crucial Fed Week
Bitcoin hovered around $63,460 during early Asian hours on Monday as the cryptocurrency market began its week slowly. The digital asset's market valuation was at $1.27 trillion, with a 24-hour gain of 0.8% but a week-to-date fall of about 2.7%. Bitcoin's broader market dominance stood at around 57%, while the total market capitalization remained at $2.24 trillion.
Ethereum followed suit, trading near $1,900.64 with a daily increase of 1% and a weekly decline of 0.8%. Other cryptocurrencies such as XRP, Solana, BNB, TRON, and Dogecoin posted minor gains. However, institutional flows were negative, with U.S. spot Bitcoin ETFs witnessing net outflows of $390 million between August 10 and August 14.
The Hyperliquid token, HYPE, surged ahead as a top performer, reaching a price of $58.81 with a 24-hour increase of 3.4% and a seven-day rise of 8.7%. LINK jumped by 15.7% from the previous week to trade around $9.45.
The market's focus shifted towards upcoming macro events, particularly the Fed's release of minutes from its July meeting on August 19. This could have a significant impact on Bitcoin and other digital assets as investors await key policy announcements.