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Bitcoin climbed above $64,000 during Asian morning trading on August 17 before giving back part of the move. The cryptocurrency was up about 0.5% on the day at the time of the move but remained almost 3% lower over the previous seven days.
Hyperliquid’s HYPE token stood out among major cryptocurrencies, rising more than 3% to around $59 and almost 9% over the week. Several other large tokens posted modest daily gains while remaining lower over the seven-day period.
HYPE Outperforms Other Major Tokens
Ether gained more than 1% to just below $1,900 but remained about 1% lower on the week. Solana traded just above $75 and was down almost 2% over seven days, while XRP remained near $1 after losing roughly 3% during the same period.
Dogecoin rose close to 1% to about $0.07, while BNB traded slightly above $604 and was roughly unchanged for the week. The major tokens tracked here showed a modest daily recovery without reversing most of the previous week’s declines.
Softer Dollar Fails to Produce Wider Crypto Rally
The gains came as the U.S. dollar weakened and expectations for another Federal Reserve rate increase declined. A Bloomberg dollar gauge fell 0.1%, while swaps traders placed the probability of a September Fed rate increase at around 25%, down from roughly 50% a week earlier.
Those expectations shifted after U.S. retail sales data on August 14 showed the largest monthly decline in more than a year. Treasury prices also rose, but the more supportive macroeconomic backdrop had not produced a broader crypto rally by Monday morning.
Traders Watch Fed Minutes and White House Meeting
LVRG Research Director Nick Ruck said fading ETF inflows were contributing to subdued sentiment following the previous week’s selloff. He said:
“Key catalysts to watch this week include the release of the FOMC minutes as traders look for signals on monetary policy.”
Minutes from the Federal Reserve’s July 28-29 meeting are due on August 19. Markets are also watching a reported White House meeting with crypto executives for any new regulatory developments.
