Bitcoin is hovering around the 80,800 U.S. dollar mark at the start of the week, leaving it almost unchanged over the past 24 hours. At one point, BTC briefly climbed above 82,000 dollars, but the leading cryptocurrency quickly gave back those gains. Ethereum is also trading almost flat. XRP and Solana, however, are each up by around 2.7 percent.
The biggest winner among larger cryptocurrencies is SUI. The Layer-1 coin has jumped by more than 20 percent over the past 24 hours to 1.32 dollars. Recently, rumors have been circulating on social media that Polymarket could migrate to Sui. Venice AI, another currently hyped project, has also gained a further 6 percent. The AI privacy token is now up around 65 percent over the past week.
Ondo, a real-world asset protocol, is also among the strongest performers on a weekly basis, with gains of around 40 percent. The main driver is that Ripple, JPMorgan, and Ondo recently tested a tokenized U.S. Treasury transaction.
Oil Prices Weigh on the Broader Market
The overall market backdrop remains fragile. The U.S. dollar strengthened in Asian trading, while oil prices rose sharply. The reason is the stalled negotiations in the U.S.-Iran conflict. U.S. President Donald Trump rejected Iran’s response to a U.S. peace proposal and called Tehran’s demands “completely unacceptable.” As a result, the Strait of Hormuz remains largely blocked. Brent crude climbed to around 106 dollars per barrel, while U.S. oil rose above 100 dollars.
For risk assets such as equities and cryptocurrencies, this is a difficult mix. Higher energy prices are fueling inflation expectations again and further limiting the Federal Reserve’s room for potential rate cuts.
U.S. Inflation Data Moves Into Focus
For investors, the new week will be especially important from a macroeconomic perspective. U.S. consumer price data for April is due on Tuesday, followed by producer price data on Wednesday. Both releases could determine whether the market’s recently cautious hopes for rate cuts can hold.
Earnings season also remains relevant for the crypto sector. Circle is set to report its first-quarter results on Monday. At the start of the week, major Bitcoin miners MARA Holdings and CleanSpark will also publish their numbers.
For BTC and the broader crypto market, the central question is whether solid corporate earnings and further Bitcoin purchases by Strategy via STRC can offset the pressure from the oil price rally and ongoing geopolitical risks this week.
