Bitcoin traded around $64,350 on Friday, showing no significant movement over the week as traders anticipated the upcoming US jobs report. Ether was also steady at $1,903, with other major cryptocurrencies reflecting a similar trend, suggesting that the market is more focused on forthcoming economic data than on individual asset movements.
Market conditions shifted slightly, with Brent crude oil prices rising by 1.4% to $83.61. This increase followed news that Iran plans to restrict the passage of US and Israeli vessels through the Strait of Hormuz, demanding compensation from these nations. This development has interrupted the downward trend in oil prices, raising inflation concerns that could prompt the Federal Reserve to adopt a tighter monetary policy. As a result, the 10-year Treasury yield saw a seven basis point increase during the US trading session.
This macroeconomic backdrop has influenced Bitcoin's performance throughout the summer. Rising oil prices tend to drive inflation, which supports higher yields and strengthens the dollar, leading to tighter financial conditions that could hinder risk assets like Bitcoin. Recently, the dollar reached its strongest level in two weeks, contrary to the conditions that typically favor bullish investors.
