Bitcoin tops $63,000 as ETF inflows and weaker dollar boost

Bitcoin surged past $63,000 over the July 4 holiday weekend, recovering from a recent dip below $60,000 and marking its highest price in two weeks. The rally was supported by renewed inflows into U.S. spot Bitcoin exchange-traded funds, a softer U.S. dollar, and macroeconomic data that eased concerns about further Federal Reserve interest rate hikes.

The cryptocurrency climbed above $63,000 on Saturday, July 4, erasing losses from late June. Over a five-session period, Bitcoin rallied nearly 10%, with analysts attributing the move to short covering by bearish traders and improved investor sentiment. U.S. spot Bitcoin ETFs recorded net inflows of $223.5 million on July 2, reversing a prior outflow streak, while spot Ethereum ETFs also saw positive flows.

Market participants pointed to a weaker-than-expected U.S. jobs report for June, which showed payroll growth of just 57,000, well below economist forecasts. This data, coupled with comments from Federal Reserve Chair Kevin Warsh indicating that inflation risks have moderated, reduced pressure for near-term rate hikes and bolstered risk appetite. The U.S. dollar was on track for its biggest weekly drop since early April, providing...