Bitcoin's price action over the weekend was largely sideways, hovering just below the $65,000 mark after failing to sustain a brief rally above that level on Friday. The primary cryptocurrency spent Saturday and Sunday trading a few hundred dollars below $65,000, with its market dominance at over 57%. Meanwhile, a lesser-known altcoin, Audiera's BEAT, stole the spotlight with a staggering 50% surge in 24 hours, briefly touching $3.30. Other gainers included PUMP and CC, which rose 8-10%, while CRO recovered some losses to near $0.05. Solana added 2% to $76, ZEC jumped nearly 3% to $220, and BNB reclaimed the $600 psychological level. On the losing side, XRP, HYPE, DOGE, and RAIN saw minor declines. Ether remained steady above $1,900.
On Monday, Bitcoin managed to climb back above $65,000, up nearly 3% on the week, buoyed by a weak U.S. jobs report last Friday that eased fears of further Federal Reserve rate hikes. The broader crypto market followed suit, with Solana up almost 5% for the week to $77, BNB at $603, and Ether near $1,919. XRP was the only major token in the red, down 4% on the week to $1.03. The S&P 500 closed at a record 7,757.64, up 3.6% for the week, while the Nasdaq gained 5.2%, its best weekly performance since April.
Geopolitical tensions added a layer of uncertainty. Iran's foreign minister stated that talks with the U.S. would not resume, pushing Brent crude oil prices 1% higher to around $84.40 a barrel. Former U.S. Defense Secretary Mark Esper criticized Iran's demands to reopen the Strait of Hormuz as "beyond the pale." The key event on the horizon is Wednesday's Consumer Price Index report for July, which could reignite rate hike concerns if inflation comes in hotter than expected, potentially pressuring both crypto and stock markets. Additionally, Bitcoin faced ecosystem-specific headwinds from a flaw in the BTCPay Server and a brief chain split over BIP-110.
