Bitcoin climbed above $63,000 on Saturday morning in the United States, up 1.4% over 24 hours and 3.6% over the week, according to CoinDesk data, its highest level in two weeks and a complete reversal of June’s closing losses.
XRP led the day’s major currencies, up 5.3% to $1.18 and up nearly 10% for the week, propelling it past stablecoin USDC into fifth place by market value at around $73 billion.
This gain was accompanied by on-chain data showing that XRP holders posted their largest average losses on record – the kind of washed-out positioning that some traders are buying against. Ether added 3.2% on the day to around $1,793, up 11.5% over seven days, while dogecoin rose 2.6% and solana held near $82.50 with a weekly gain of 13.2%.
The increase continued over a week, thanks to a more favorable macroeconomic turnaround. Fed Chairman Kevin Warsh’s comment that inflation risks have diminished, a weak June jobs report and pressure on bearish traders sent Bitcoin from below $60,000 to above $63,000 in five sessions.
Trading was thin on Saturday with U.S. markets closed for the Independence holiday, the kind of liquidity that exaggerates moves in either direction.
Bitcoin entered the third quarter at a 21-month low and has now regained the ground lost during the last slide in June. The persistence of this dynamic will depend on the next figures for American inflation and the continuation of purchases once American offices return from vacation.
