Bitcoin traded above $65,000 on Monday, up nearly 3% for the week, as investors positioned ahead of the Bureau of Labor Statistics’ July Consumer Price Index report, due Wednesday, August 12 at 8:30 a.m. ET. Friday’s softer-than-expected jobs figures eased concerns the Federal Reserve would need to raise rates, lifting both crypto and equities. Most major tokens gained on the week, while security incidents kept pressure on bitcoin’s infrastructure.
Crypto Majors Rally on Rate-Cut Hopes
Ether traded near $1,919, up almost 3% for the week. BNB rose 0.3% to $603, matching that pace. Solana led the group, gaining 1% on the day to nearly $77 and close to 5% over seven days. Tron held flat at 33 cents.
XRP was the exception, slipping 0.4% to $1.03 and down 4% for the week even as ETF inflows continued. Hyperliquid’s HYPE fell over 1% to $54, still up more than 3% for the week, while dogecoin eased under 7 cents.
Stocks and Oil Move in Opposite Directions
Global equities extended their advance. The MSCI All Country World Index rose 0.1%, its seventh gain in eight sessions, while Asian shares climbed 0.6% after the weak U.S. jobs report pushed the S&P 500 to a fresh record. Semiconductor stocks outperformed, with a regional chip gauge up more than 1.5% on strength from Taiwan Semiconductor and SK Hynix.
Brent crude moved the other way, rising 1% to $84.40 a barrel and extending a three-session gain past 5% after Iran rejected talks with the U.S., keeping a deal to reopen the Strait of Hormuz out of reach. The 10-year Treasury yield rose one basis point to 4.66%, giving back part of Friday’s rally, while the dollar strengthened broadly.
Bitcoin’s Network Faces Repeated Breaches
Bitcoin’s price gains have come despite a rough stretch for the network. A fourth wave of Coldcard wallet sweeps has pushed losses tied to a 2021 firmware flaw to roughly 1,816 BTC, near $114 million, across more than 5,200 addresses since July 30. Separately, BTCPay Server confirmed a critical vulnerability that let attackers drain Lightning nodes at hardware wallet maker Foundation and bitcoin publication Citadel21 on August 7, prompting an emergency patch to version 2.4.2.
Meanwhile, a contentious BIP-110 soft fork attracted only 2.53% miner support, far short of the 55% threshold needed for activation. Its breakaway chain produced just two blocks in eight hours while bitcoin’s main chain added 48.
Conclusion
Bitcoin’s climb past $65,000 shows the market weighing macro signals over network-level risks, at least for now. Friday’s jobs data did the heavy lifting this week, and Wednesday’s CPI print is the next test of that resilience. A reading that revives expectations for higher rates could reverse the gains just as quickly as the jobs report delivered them — while the string of security incidents, if they multiply, poses a separate and growing threat to the case for holding bitcoin outside self-custody risk.
Sources & Methodology
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