Bitcoin Surges Past $64K as HYPE Soars
Bitcoin surged past $64,000 in Asian morning hours on Monday, despite being down almost 3% over the week. This comes as a softer US dollar and fading rate-hike bets failed to lift cryptocurrencies out of their recent range.
Hyperliquid's HYPE was the standout performer, up over 8% on the week to $59. However, other major cryptocurrencies such as Ether, Dogecoin, Tron, and Solana saw minimal gains or declines.
The macroeconomic backdrop turned more favorable for crypto with a Bloomberg gauge of the dollar slipping 0.1% towards its third straight decline. This followed weak US retail sales figures on Friday, which showed the sharpest monthly drop in over a year.
Swaps traders now put the chance of a Federal Reserve rate rise next month at around one in four, down from about 50% a week ago. Nick Ruck, director of LVRG Research, notes that key catalysts to watch this week include the release of FOMC minutes and any developments from the anticipated White House crypto meeting.