Bitcoin edged higher on Friday but remained range-bound as investors awaited key U.S. payrolls data that could influence expectations for the Federal Reserve’s interest-rate path.
The world’s largest cryptocurrency rose 1.14 percent to $64,989by 11:48 GMT, putting it on track for a 0.42 percent weekly gain. Despite the advance, Bitcoin remained largely confined to a $62,000-$65,000 trading range.
Cryptocurrencies remain on track for modest weekly gains
Crypto markets came under pressure as optimism faded over a potential agreement to reopen the Strait of Hormuz, with no deal appearing to have been reached despite U.S. claims that an agreement was close.
Most major cryptocurrencies remained on track for modest weekly gains, while trading was largely rangebound ahead of the release of key U.S. nonfarm payrolls data later on Friday.
The jobs report is expected to show a slight improvement in employment growth from the previous month, although overall hiring is still projected to remain subdued. The data could influence expectations for U.S. interest rates, as employment and inflation remain the Federal Reserve’s key considerations when setting monetary policy.
At its latest meeting, Fed policymakers expressed growing concern over persistent inflation. A resilient labor market could strengthen the case for further rate hikes, although Fed Chair Kevin Warsh offered limited guidance on the central bank’s future policy direction.
MARA Holdings earnings miss
MARA Holdings, one of the largest Bitcoin mining companies in the U.S., reported weaker-than-expected second-quarter earnings on Thursday as a prolonged decline in Bitcoin prices weighed on mining profitability.
Meanwhile, a bipartisan ethics proposal being discussed by U.S. senators and President Donald Trump as part of efforts to advance stalled cryptocurrency legislation could provide the president with a significant tax advantage.
The proposal reportedly includes a provision allowing Trump to defer capital-gains taxes on his cryptocurrency holdings.
The ethics addendum has not been made public and remains under discussion between the White House and lawmakers. It would also require the president to divest from businesses tied to the cryptocurrency industry, according to the reports.
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Ether outperforms with 1.7 percent weekly gain
Broader cryptocurrency prices remained largely rangebound on Friday, with major tokens posting mixed performances over the week.
Ether, the world’s second-largest cryptocurrency, gained 0.43 percent to $1,915.67 and was up 1.7 percent for the week, outperforming most other major tokens.
XRP fell 1.71 percent on Friday and was down more than 4 percent for the week. Solana rose 0.15 percent but was little changed on a weekly basis, while Cardano was among the stronger performers, surging roughly 6 percent over the week following a 4.99 percent rally on Friday.
BNB declined 0.53 percent, while memecoins were mixed. Dogecoin advanced 0.58 percent, and $TRUMP gained 1.52 percent.
