Live updates: Bitcoin flat at $64,300 before US jobs report, with oil back as a headwind
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin traded near $64,350 on Friday, remaining unchanged for the week as the market awaited the US payrolls report, according to CoinDesk data. Ether was steady at $1,903 and other major cryptocurrencies were similarly flat. The market's movement was influenced by a rise in Brent crude oil prices, which increased 1.4% to $83.61 due to reports that Iran intends to restrict passage through the Strait of Hormuz and demand compensation from certain countries.
Why it matters
Rising oil prices can increase inflation concerns, which in turn influence the Federal Reserve to maintain a tight monetary policy. This sequence impacts yields and strengthens the dollar, creating firmer financial conditions that constrain risk assets like bitcoin. Thus, the upcoming US jobs report is crucial in determining whether the Fed might loosen policy, which could allow bitcoin prices more room to rise.
Key context
Bitcoin’s price has been influenced this summer by a macroeconomic cycle: higher oil prices drive inflation, inflation reinforces higher yields and dollar strength, and these conditions tighten financial markets and limit risk asset gains. The dollar recently had its best day in two weeks, contrasting with the easing conditions that benefit bullish bitcoin sentiment. Investor focus is on the upcoming jobs number and its potential effect on Fed policy.
Key numbers and entities
Bitcoin price was near $64,350. Ether was at $1,903. Brent crude oil rose 1.4% to $83.61. The 10-year Treasury yield increased by seven basis points during the US session. Iran is reported to restrict transit through the Strait of Hormuz and demand compensation. The source is CoinDesk.
What remains unclear
The source does not flag specific uncertainties but highlights that the market reaction depends on the upcoming US jobs report and subsequent shifts in yields, which will influence Fed policy and bitcoin’s price movement.