XRP, ether lead crypto losses as traders eye $70,000 bitcoin next
Bitcoin failed to hold $65,000 for a fourth day as an oil rally revived inflation worries before Wednesday's U.S. price data.
Cryptocurrency markets saw a decline on Tuesday, with Bitcoin sliding near $64,000 and Ether dropping over 2% to $1,878. XRP experienced the steepest loss, falling almost 2% to $1.01, marking a worse week than any other major. Solana saw a slight decrease to $76, while Binance Coin (BNB) maintained a modest 2% weekly gain. Hyperliquid's HYPE rose almost 2% to $55, while Tron and Dogecoin saw slight increases.
Bitcoin has been attempting to break above $65,000 for four consecutive days without significant buying pressure. Analysts suggest that the absence of selling may indicate short positions being built up rather than profit-taking. This could lead to the next key level to watch at $70,000, another round number that lies near the 200-day moving average. Breaching this threshold could shift market sentiment significantly.
Crypto sentiment remains in the fear zone, with the index at 30 since mid-July. Bonds and oil prices influenced broader market movements. U.S. 10-year Treasury yields rose six basis points to 4.71%, causing U.S. government bonds to decrease. Brent crude oil held steady at $87.73 after a 5% increase on Monday due to President Trump's renewed demands on Iran. Gold surged for the third day in a row above $4,400 an ounce, impacting asset classes that typically perform well during periods of rate hikes.
Fund flows in U.S. spot Bitcoin funds were positive through August 7, reaching $865 million before a minor outflow of $91 million on Monday. Zcash's Tachyon upgrade aims to enhance shielded payments, improve quantum resistance, and evaluate the platform's funding, security, and governance.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
