Bitcoin began Monday near $77,364 after one of its strongest weekly runs since 2024, gaining roughly 22.1% in seven days and briefly testing $80,000. The rally lifted the leading cryptocurrency from about $64,000, supported by sizeable inflows into U.S. spot Bitcoin ETFs: approximately $517 million on Aug. 19 and $606 million on Aug. 20.
Broader crypto markets also advanced. XRP led major tokens with a 46% weekly jump to just under $1.50. Ether rose nearly 28% to $2,442, while Solana added 24% on the week to $94. Dogecoin climbed 30% to just above $0.09. Hyperliquid’s HYPE rose 35% to $80, and BNB gained 15% to $697.
Attention now turns to the Federal Reserve. Fed Chair Kevin Warsh is scheduled to deliver his first Jackson Hole keynote on Friday at 10 a.m. ET, with this year’s theme 'Financial Innovation: Implications for Payments and Policy.' The event follows July PCE inflation and revised second-quarter GDP data due Wednesday. Core PCE inflation stood at 3.3% annually in June, above the Fed’s 2% target. The Fed left its benchmark rate at 3.50%–3.75% in July on a 9-3 vote, and a hot inflation print or hawkish remarks could push Treasury yields and the dollar higher, potentially pressuring Bitcoin. A softer reading could help Bitcoin challenge $80,000 again.
Adding to market uncertainty, Washington imposed a 50% tariff on roughly $20 billion of Canadian imports after trade talks collapsed, covering dairy, liquor, plywood and clothing. Canadian Prime Minister Mark Carney called the move an 'attack' and vowed dollar-for-dollar retaliation beginning Sept. 8. Minneapolis Fed President Neel Kashkari warned that the US-Iran conflict is keeping energy prices elevated and inflation sticky. Brent crude rose 6.63% last week to $94.39 a barrel, while July CPI came in at 3.4%.
Meanwhile, Asian equities fell sharply, with Samsung down 8.7% and Alibaba dropping 9.6% after a planned $10.2 billion share sale. US stock indexes also finished lower last week, but Bitcoin’s immediate levels to watch are $75,000 on pullbacks and the recent $80,000 peak as resistance.
