Bitcoin Back Above $63,000: Crypto Market Recovers June Losses
The crypto market has staged a notable recovery at the start of the third quarter. Bitcoin is trading at around $63,000 again, leaving behind the sub-$60,000 zone into which the largest cryptocurrency had slipped at the end of June. Within just five trading sessions, the BTC price climbed from below $60,000 to above $63,000 – its highest level in about two weeks and a full reversal of the losses that closed out June.
Macro Tailwind Drives the Rebound
The comeback is primarily driven by a friendlier macroeconomic environment. Fed Chair Kevin Warsh signaled that inflation risks have come down, while the US jobs report for June came in weak – both fueling market expectations of looser monetary policy. The upward move was amplified by a short squeeze: traders positioned for falling prices had to cover their bearish bets, pushing prices even higher.
One caveat, however: the latest jump above $63,000 coincided with the US Independence Day holiday on July 4. In thin liquidity, price moves can be exaggerated in both directions. Whether the recovery is sustainable will likely only become clear once US trading desks return from the holiday weekend – and with the upcoming US inflation data.
XRP Overtakes USDC, Altcoins Post a Strong Week
Many altcoins performed even more strongly than Bitcoin over the past seven days. XRP gained almost 9 percent on the week and, with a market capitalization of around $73 billion, moved past the USDC stablecoin in the rankings. Notably, on-chain data shows that XRP holders are, on average, sitting on their deepest losses on record – a setup that some traders interpret as a buy signal.
Ethereum gained around 12 percent on the week and is trading above $1,770 again. Solana rose more than 11 percent, and newcomer Hyperliquid also posted strong gains of over 12 percent.
The Largest Crypto Assets at a Glance
The current market situation of the most important crypto assets (excluding the stablecoins USDT and USDC):
| # | Name | Price | 24 Hours | 7 Days |
|---|---|---|---|---|
| 1 | Bitcoin (BTC) | $63,061.17 | +0.71% | +5.07% |
| 2 | Ethereum (ETH) | $1,772.55 | +0.63% | +12.05% |
| 3 | BNB (BNB) | $582.53 | +2.08% | +5.42% |
| 4 | XRP (XRP) | $1.13 | +0.43% | +8.77% |
| 5 | Solana (SOL) | $80.37 | −0.00% | +11.38% |
| 6 | TRON (TRX) | $0.3290 | +1.37% | +2.14% |
| 7 | Hyperliquid (HYPE) | $70.70 | +3.35% | +12.53% |
| 8 | Dogecoin (DOGE) | $0.07656 | +1.12% | +4.96% |
| 9 | UNUS SED LEO (LEO) | $9.36 | +2.18% | −0.58% |
Outlook: Inflation Data as the Next Test
Despite the recovery, the bigger picture remains sobering: Bitcoin had fallen to a 21-month low at the start of the quarter before the rebound set in. Recouping June’s losses does not change the fact that the cryptocurrency is still trading far below its all-time highs. Whether the recovery turns into a sustainable trend now depends largely on the next US inflation figures – and on whether buying interest holds up after the holiday weekend.
