Bitcoin Surges Past $65,000 Amid Fears of Higher Interest Rates

Bitcoin's price surged above $65,000 on Monday, marking a nearly 3% gain over the week. The cryptocurrency's advance comes as the U.S. inflation data is set to be released this Wednesday.

The weak U.S. jobs report earlier in the week eased fears of further Federal Reserve rate hikes, which helped boost Bitcoin's price. Major cryptocurrencies like Ether and BNB also saw gains, with Solana being the strongest major asset, up 1% on the day and almost 5% over seven days.

However, XRP was the only large token in the red, slipping 0.4% to $1.03 and down 4% on the week. The upcoming inflation data is seen as a key test for Bitcoin's price, with a hotter reading likely to revive expectations for higher interest rates.

Despite technical setbacks in its own ecosystem, such as a fourth wave of sweeps against Coldcard-generated wallets and a critical flaw in BTCPay Server that drained merchant Lightning nodes on Friday, Bitcoin managed to stay above $65,000 without much help from its own corner.