Bitcoin Holds Above $63K as LINK and HYPE Surge Ahead of Key Fed Week

Bitcoin was above $63,000 in Asian trading hours on Monday 17 August as the cryptocurrency market started off the week slowly. 

Bitcoin was trading around the $63,460 level during early Asia hours, a 24-hour gain of 0.8% but a week-to-date fall of around 2.7% with a market valuation of $1.27 trillion. The broader digital asset market cap was around $2.24 trillion, with Bitcoin’s market dominance at about 57%.

Despite the jump, Bitcoin has since pulled back from the week’s high of $65,400, dipping below $62,500 Friday after finding support over the weekend. Ethereum moved in lockstep, hovering near $1,900.64, up 1% on the day but down 0.8% over the week. XRP▲$1.13 reached about $1.00, Solana was at $75.47, and BNB▲$572.56 was around $604.63. TRON and Dogecoin also posted minor daily increases.

Institutional flows were also negative, with U.S. spot Bitcoin ETFs seeing $390 million in net outflows between August 10 and August 14, including $153 million flowing out of Fidelity’s FBTC. 

Spot Ethereum ETFs recorded their smallest weekly net outflow at $2.26 million. This was following five consecutive weeks of inflows into Bitcoin funds amounting to $853.5 million.

Trading protocol Hyperliquid’s HYPE▲$70.78 token was among the strongest large-cap tokens that day, trading at $58.81 after a 24-hour jump of 3.4% and a seven-day rise of 8.7%. LINK▲$7.97 rose 15.7% from the week prior, trading at roughly $9.45. Monero showed gains of 4.9% for the week to a price of about $413.84.