Bitcoin Tops $64K as Crypto Market Remains Rangebound

Bitcoin's price has surpassed $64,000 for the first time in recent trading, but its overall performance remains lackluster. Despite a softer dollar and reduced expectations of Federal Reserve rate hikes, major cryptocurrencies are still down nearly 3% on average over the past week.

The Bloomberg dollar index dropped by 0.1%, while the MSCI emerging-market currency index reached an intraday record. This positive macro environment has not yet translated into significant gains for crypto investors, however, with most tokens still posting weekly losses.

One notable exception is Hyperliquid's HYPE token, which rose more than 3% to $59 and nearly 9% on the week. Its performance stands out from the broader market, where Bitcoin has risen just 0.5% to above $64,000 but remains down for the week.

Investors are waiting for clearer signals on regulation and monetary policy from this week's FOMC minutes and an anticipated White House crypto meeting. As reported by CoinDesk, Nick Ruck of LVRG Research notes that the market is stalled near $63,000 and that fading exchange-traded fund inflows point to a lack of optimism after last week's selloff.