Most major cryptocurrencies finished Sunday higher, but bitcoin, ether, XRP and Solana are still trading below their levels from a week ago.
Bitcoin approached $64,000 during early Asian trading on Monday, gaining roughly 0.5% over the past 24 hours while remaining nearly 3% lower on the week. A weaker U.S. dollar and declining expectations of another Fed rate hike have yet to provide enough momentum for crypto markets to break out of their recent range.
HYPE, the native token of Hyperliquid, led the major cryptocurrencies, rising more than 3% to around $59 and nearly 9% over seven days. It was the only major token to record a significant weekly gain. Ether advanced more than 1% to just below $1,900 but remained about 1% lower for the week.
Dogecoin climbed almost 1% to roughly $0.07, while Tron added less than 0.5% to slightly above $0.33. XRP posted a marginal gain to around $1 but remained down approximately 3% over the past seven days. Solana edged higher to above $75 and was nearly 2% lower on the week. BNB dipped slightly to just over $604 and was broadly unchanged over seven days.
Crypto prices have shown little reaction to a more favorable macroeconomic backdrop. Bloomberg’s dollar index fell 0.1%, putting it on track for a third consecutive decline and bringing it close to levels last seen in May. MSCI’s emerging-market currency gauge also reached an intraday record, helped by strength in the Taiwanese dollar and Thai baht.
The shift in sentiment came after U.S. retail sales data released Friday showed their steepest monthly decline in more than a year, suggesting consumers were becoming more cautious. Markets now price the odds of a Fed rate hike next month at roughly 25%, down from around 50% a week earlier. Treasury prices also gained across the yield curve.
Nick Ruck, director at LVRG Research, said bitcoin remains trapped around $63,000, while slowing ETF inflows indicate that investors have yet to regain confidence following last week’s market decline.
Ruck said traders should focus on this week’s FOMC meeting minutes and any updates from the expected White House crypto meeting. Both developments could provide greater clarity on the direction of U.S. monetary policy and the regulatory outlook for digital assets.
The Fed’s minutes from its July 28-29 meeting are due Wednesday at 2 p.m. ET. They could reveal how seriously policymakers considered raising interest rates before more recent economic data caused markets to scale back those expectations.
