Bitcoin Blasts Past $63,000 as On-Chain Data Suggests Market Bottom

Bitcoin's price surged past $63,000 for the first time in two weeks, driven by favorable macroeconomic conditions and on-chain data indicating a possible market bottom. The rally saw Bitcoin climb 1.4% in 24 hours and 3.6% over the week.

XRP led major gains among cryptocurrencies, rising 5.3% to $1.18 and surpassing USDC's market cap. Ether added 3.2% on the day to about $1,793, while Solana held near $82.50 with a 13.2% weekly gain.

The move was fueled by Fed Chair Kevin Warsh's comments on inflation risks decreasing and a soft June jobs report. This combination pushed Bitcoin from below $60,000 to above $63,000 in five trading sessions.