Bitcoin Pulls Back from $65,400 as Link and Hyperliquid Tokens Surge

Bitcoin prices remained above $63,000 in Asian trading hours on Monday, August 17, as the cryptocurrency market started the week slowly. The digital asset market cap was around $2.24 trillion, with Bitcoin's market dominance at about 57%. Despite a 0.8% gain over the past 24 hours, Bitcoin has pulled back from its week-high of $65,400 and currently trades below $62,500.

The broader cryptocurrency market saw minor daily increases, with Ethereum hovering near $1,900.64, up 1% on the day but down 0.8% over the week. Other notable performers included LINK, which rose 15.7% from the week prior to a price of around $9.45, and HYPE, which saw a 24-hour jump of 3.4% and a seven-day rise of 8.7%. Institutional flows were negative, with U.S. spot Bitcoin ETFs seeing $390 million in net outflows between August 10 and August 14.

The upcoming Fed meeting on August 19 may dictate the next move for cryptocurrency prices. The officials voted 9-3 to keep the target range for federal funds at 3.5%-3.75%, with three voting for raising the rate by a quarter percentage point.