Bitcoin price fell towards $72,000 after US military strikes on Iran pushed oil higher and sent shock through risk assets
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Bitcoin price fell towards $72,000 after US military strikes on Iran pushed oil higher and sent shock through risk assets
Bitcoin trades near $65,978, below the short-term holder cost basis of $69,000, as markets anticipate the Federal Reserve's July 28-29 meeting. Weak labor data and slowing core CPI suggest a less restrictive Fed, but rising oil prices and Treasury yields add complexity, making Bitcoin's rally conditional on the Fed's stance.
Bernstein maintains an overweight rating on the Bitcoin mining sector, citing growing partnerships between miners and AI data centers. These collaborations address power constraints and political pushback, with July seeing over 7.5 gigawatts in new AI-related deals.
Cryptocurrency exchange Coinbase plans to expand its Singapore operations, increasing staff from 150 to 200 by late 2026, focusing on engineering and customer service roles. This expansion follows receiving a major payment institution license from MAS in October 2023, solidifying Singapore's role as a crypto innovation hub.
Hyperliquid's HYPE token fell 8% to ~$58 as crypto funds, including Multicoin Capital ($116M), Selini Capital ($4.4M), and Galaxy Digital ($29.4M), queued nearly $150 million in HYPE for unstaking. This large withdrawal queue dwarfs the thin spot market, raising concerns about potential sales, though Multicoin denies selling intent.
Cryptocurrency exchange Bitget announced its registration as a financial services provider on New Zealand's FSPR, enabling it to offer services like foreign currency exchange and money transfers. However, the registration was not visible on the FSPR registry at the time of writing.
Bloomberg analyst James Seyffart suggests the CLARITY Act will have minimal direct impact on Bitcoin, which already has established regulatory infrastructure. The updated bill, released by Senate Republicans, is seen as more beneficial for assets like Ethereum and Solana, which lack clear legal status.
