Bitcoin climbed to $82,400 on Friday morning, marking its highest level since mid-May, before retreating following the release of a stronger-than-expected US jobs report. The cryptocurrency fell approximately $2,000 on the data, as market participants anticipated the Federal Reserve may maintain a more hawkish stance on interest rates.
The week began with significant volatility. Bitcoin briefly surged past $81,000 early in the period but faced resistance and pulled back to just under $80,000. A rejection following Fed Chair Kevin Warsh's hawkish comments drove the price down to $77,000 on Saturday morning. The asset then rebounded to $79,000 on Sunday before declining again to $77,000 on Monday amid geopolitical tensions between the US and Iran.
Through the following days, bitcoin remained volatile but contained between $76,400 and $79,000. The breakthrough came on Thursday when bulls successfully pushed past the $79,000 barrier, leading to Friday's surge above $80,000 and ultimately the $82,400 high.
Several altcoins outperformed during the week. ZEC gained 20% and surpassed $1,000, XMR rose 10%, and UNI climbed nearly 40%. Bitcoin ended August with approximately a 25% gain, marking the asset's first positive August during a bear market period.
The broader cryptocurrency market capitalization stood at $2.775 trillion, with a 24-hour trading volume of $121 billion. Bitcoin's market dominance reached 57.6%.
Other notable developments included the world's largest corporate bitcoin holder resuming purchases after a two-month pause, acquiring 4,603 BTC for $370 million. Additionally, hardware wallet manufacturer Trezor disclosed that a data breach affected more than 80,000 US customers, significantly more than initially reported.
