Bitcoin traded near $64,350 on Friday, unchanged on the week, as the whole market drifted ahead of the US payrolls report, per CoinDesk data. Ether held at $1,903 and the rest of the majors sat within a point or two, a market waiting on the data rather than moving on anything of its own.
The setup turned slightly less friendly overnight. Brent rose 1.4% to $83.61 after reports Iran will try to restrict US and Israeli ships through the Strait of Hormuz and demand compensation from countries it deems hostile before letting them pass, stalling the deal that had been pulling oil lower. Higher crude revives the inflation worry that keeps the Fed leaning tight, and the 10-year Treasury yield climbed seven basis points on it during the US session.
That macro chain is the one bitcoin has been stuck inside all summer. Oil up feeds inflation, inflation keeps yields and the dollar firm, and firmer financial conditions cap risk assets. The dollar…
