Bitcoin Surges Past $65K Amidst US Economic Data Disappointment
Bitcoin (BTC) surged past $65,000 on Monday after disappointing U.S. employment statistics released Friday diminished expectations of additional interest rate increases from the Federal Reserve.
The leading cryptocurrency's upward movement followed a trend seen in other digital assets, with Ether trading at around $1,919 and posting approximately 3% weekly gains, while BNB maintained its position at $603 with comparable seven-day increases.
Solana emerged as the top gainer among major cryptocurrencies, climbing nearly 5% over the week to approach $77. In contrast, XRP was the sole major cryptocurrency showing losses, declining 4% across the week.
The S&P 500 achieved a record closing level, surging 3.6% throughout the week and marking its 26th record close this year. The Dow Jones Industrial Average concluded the week with nearly 3% gains at 54,036.93, reaching one of its highest closing levels in history.
Oil prices advanced amid escalating Iranian tensions, with Brent crude increasing 1% to approximately $84.40 per barrel. Market participants are focusing on Wednesday's release of the July Consumer Price Index report, which could reignite rate increase speculation and create downward pressure across both cryptocurrency and equity markets.