Summary
- Bitcoin hovered around $63,600 in Asian trading, little changed on the day and lower on the week, as cryptocurrencies stayed stuck in a tight range despite a softer dollar and reduced expectations for Federal Reserve rate hikes.
- Hyperliquids HYPE token was the standout performer, gaining more than 3 percent on the day and nearly 9 percent over the week, while other major tokens such as ether, solana and XRP saw modest moves and mostly weekly declines.
- Analysts say fading optimism, weaker exchange-traded fund inflows and uncertainty ahead of this weeks Fed minutes and a White House crypto meeting are keeping crypto markets subdued despite a more supportive macro backdrop.
Bitcoin neared the $64,000 mark in Asian morning hours Monday, up half a percent on the day but down almost 3% over the week, as a softer dollar and fading rate-hike bets failed to lift crypto out of its recent range.
Hyperliquid's HYPE was the standout, up over 3% to $59 and almost 9% on the week, the only major with a meaningful weekly gain. Ether rose over 1% to just under $1,900 but is down 1% over seven days.
Dogecoin added almost 1% to 7 cents, tron under half a percent to just over 33 cents and XRP marginally to $1, though XRP is down 3% on the week. Solana edged up to just over $75 and is down almost 2% over seven days. BNB slipped marginally to just over $604 and was flat on the week.
The macro backdrop turned friendlier without moving crypto. A Bloomberg gauge of the dollar slipped 0.1% toward a third straight decline and levels last seen in May, while MSCI's emerging-market currency index hit an intraday record, led by the Taiwanese dollar and Thai baht.