TLDR
- Bitcoin climbed above $65,000, up nearly 3% on the week
- Solana was the top performer among major cryptos, up nearly 5% over seven days
- XRP was the only major crypto in the red, down 4% on the week
- The S&P 500 hit a record close, up 3.6% for the week
- Iran’s refusal to resume talks pushed oil prices higher, adding market uncertainty
Bitcoin pushed above $65,000 on Monday, building on gains from the past week. The move came after a weak U.S. jobs report on Friday eased fears that the Federal Reserve would raise interest rates again.
Crypto markets were broadly higher. Ether traded near $1,919, also up about 3% on the week. BNB held at $603 with similar weekly gains.
Solana was the strongest performer among major tokens, rising 1% on the day to nearly $77 and gaining almost 5% over seven days.
Not every token joined the rally. XRP was the only major crypto in the red, down 0.4% on the day to $1.03 and off 4% for the week. Dogecoin slipped to under 7 cents.
Hyperliquid’s HYPE dropped over 1% to $54, but still holds a gain of more than 3% on the week.
Stocks Post Strong Weekly Gains
U.S. stock markets also had a strong week. The S&P 500 closed Friday at 7,757.64, up 3.6% for the week, setting a new record and its 26th record close of the year.
The Dow Jones Industrial Average ended the week up nearly 3% at 54,036.93, one of its highest closes ever. The Nasdaq rose 5.2%, its best weekly gain since April.
On Sunday evening, futures were flat to slightly lower. S&P 500 futures dipped 0.1%, Nasdaq 100 futures were unchanged, and Dow futures fell 0.2%.
Iran Tensions Keep Oil Elevated
Oil prices moved higher as tensions with Iran continued. Brent crude rose 1% to around $84.40 a barrel, extending a gain of more than 5% over three sessions.
Iran’s foreign minister said talks with the U.S. will not resume. He told reporters that messages are being exchanged through intermediaries, but that these should not be called negotiations.
Former U.S. Defense Secretary Mark Esper said Iran’s demands to reopen the Strait of Hormuz have “gone beyond the pale.” Those demands include withdrawing U.S. forces from the region.
Retail gasoline prices stood at $4.01 a gallon on Sunday, down slightly from the prior week but up sharply from $3.15 a year ago.
The key event this week is Wednesday’s Consumer Price Index report for July. A higher-than-expected inflation reading could revive rate hike concerns and put pressure on both crypto and stock markets.
Bitcoin also faced some headwinds specific to its own ecosystem over the past ten days, including a flaw in BTCPay Server and a brief chain split over BIP-110.
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