Dogecoin led major cryptocurrencies with a nearly 3 percent daily gain Wednesday, while bitcoin was the only large token lower on both the day and the week, as traders positioned ahead of Thursday’s U.S. inflation report.
Dogecoin climbed to 7 cents, extending a 3 percent weekly advance. BNB rose 2 percent to $614 on the day and 2 percent for the week. Bitcoin slipped near $63,700, the sole major cryptocurrency underwater on both timeframes. Solana gained 3 percent weekly to $76, while Ether held at $1,890. XRP lost 5 percent on the week despite a 0.5 percent daily gain near $1. Tron traded at 34 cents with a 2 percent weekly rise. Hyperliquid’s HYPE token fell 1 percent daily and 3 percent weekly to $54.
Jeff Mei, Chief Operating Officer at BTSE, attributed near-term crypto positioning to macroeconomic expectations. “Last week’s US job numbers were weak — a continuing narrative supporting this trend and lower inflation would cement expectations for Fed cuts by year-end, boosting liquidity and risk assets like Bitcoin,” Mei said.
The July inflation data is due Thursday at 8:30 a.m. ET. Mei cautioned that hawkish signals could derail the rally thesis. “Traders should watch for any hawkish pushback from Fed speakers, but the macro setup could lead to a relief rally if this week’s CPI numbers are lower than expected,” he said.
Asian equities bolstered risk appetite. Korea’s Kospi jumped 4.6 percent, with Samsung Electronics and SK Hynix both surging around 7 percent on shareholder return optimism. MSCI’s Asia Pacific gauge rose almost 1 percent on semiconductor strength. CoreWeave surged 16 percent after hours on stronger-than-expected sales growth. Super Micro Computer rose almost 8 percent on a revenue forecast above estimates.
Energy markets also moved higher. Brent crude rose over 1 percent to $90 a barrel, marking its sixth consecutive session of gains and longest winning streak since April. Rising oil prices threaten to push inflation higher, potentially complicating the Fed’s rate-cut narrative. Traders remain doubtful about a Middle East deal, keeping geopolitical risk in focus.
Investors are now centered on Thursday’s CPI release and Middle East tensions as the twin drivers of crypto direction through week’s end.
