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News
Monday, August 10, 2026
What’s happening: Bitcoin traded below the $65,000 resistance level this morning, giving back some of last week’s gains.
What happened: An upgrade attempt known as BIP-110 stalled after the related chain produced just two blocks in around eight hours.
Investors flocking to equity markets following Friday’s surprisingly weak US jobs report also weighed on the cryptocurrency, even as Bitcoin ETFs logged their strongest weekly inflows since April.
Why it matters: The BIP-110 (Bitcoin Improvement Proposal 110) was aimed at creating a soft fork for bitcoin to temporarily restrict arbitrary data embedding. However, the breakaway chain failed to gain traction with miners.
Demand cooled towards the end of last week after data showed US nonfarm payrolls (NFP) unexpectedly fell by 23,000 in July, the first monthly decline since February. Bitcoin ETF turnover declined 9% to $8.19 billion over the week, the second-lowest weekly total since October 2024.
US spot bitcoin and ether ETFs attracted a combined $1.1 billion of inflows last week, their strongest performance since April.
Bitcoin declined by around 0.1% to $64,845 this morning, after slipping roughly 0.2% in the previous session. Ether was little changed at $1,916.05.
What to watch: Investors will keep an eye on how the BIP-110 dispute is resolved and whether spot ETF inflows can be sustained.
Context: Japan’s Nikkei 225 rose this morning, tracking a Wall Street rally after Friday’s surprisingly weak US jobs data.
Details: US nonfarm payrolls fell by 23,000 in July, following a 20,000 gain in the previous month. The latest figure came significantly below expectations of an 80,000 gain. The unemployment rate eased to 4.1% from 4.2% in June, with people leaving the workforce. Average hourly earnings on private nonfarm payrolls rose by 0.1% to $37.62 in July, following a 0.3% gain in June.
The poor labour market data eased speculations of the US Federal Reserve hiking its benchmark interest rates in September. Futures markets now price around a 44% chance of a September rate hike, down sharply from about 67% a week earlier.
The pullback in rate-hike expectations sent the Dow Jones index and S&P 500 to record closes, while the Nasdaq climbed 5% for the week amid several companies reporting higher-than-expected earnings. The number of companies delivering upbeat earnings came in at the strongest level since 2021.
Data released this morning showed Japan’s current account surplus shrank to ¥923.0 billion in June from ¥1,281.8 billion in the year-ago month, missing market estimates of a ¥1,512 billion surplus.
The goods account also swung to a deficit of ¥135.2 billion versus a ¥467.3 billion surplus, as exports jumped 16.3%, driven by upbeat demand for AI-linked electronics, while imports climbed 24.3% due to higher oil purchases.
Japan’s bank lending grew by 5.4% year-over-year in July, easing from a five-year high level of 5.7% in June.
Gains in the stock market were also tempered by a lack of progress in the US-Iran peace talks, which pushed oil prices higher.
Japan’s Nikkei 225 rose around 0.6% to 65,999.35 this morning, while the USD/JPY pair held little changed at 157.85.
What to watch: Investors will keep an eye on any further comments from Federal Reserve officials ahead of Wednesday’s US inflation data.
Data on Japan’s Eco Watchers survey for July will be released today. The current conditions index, which stood at 44.0 in June, is expected to edge higher to 44.4, while the outlook index is expected to hold around 46.
Other Markets: European indices closed higher on Friday, with the DAX 40 up 0.69% to 26,319.45, the FTSE 100 gaining 0.31% to 10,901.09, the CAC 40 rising 0.17% to 8,714.93 and the STOXX Europe 600 Index added around 0.31% to 660.25.
Russia launched a barrage of ballistic, anti-ship and anti-radar missiles along with more than 200 drones on Ukraine’s Odesa region overnight. The news sent the USD/RUB pair slightly lower in forex trading this morning.
China’s inflation rate eased to 0.5% year-on-year in July from 1% in June. This coming in below market estimates of 0.8% sent the USD/CNY pair higher in forex trading this morning.
Canada’s economy added 75,000 jobs in July, well above consensus expectations of around 20,000, while the unemployment rate fell to 6.4% from 6.5%, its lowest level in two years. The stronger-than-expected reading sent the USD/CAD pair lower in forex trading this morning.
Singapore’s official foreign exchange reserves dipped to S$549.3 billion in July from S$551.3 billion in June, lending support to the USD/SGD forex pair.
France’s current account deficit expanded to €1.4 billion in June from €1.2 billion in the previous month, which sent the EUR/USD pair lower in forex trading this morning.
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