Bitcoin climbs above $64,000 while most majors slip
Miners have cut their computing power by a fifth over three quarters to make room for AI, and Venice's token jumped 10% after the company said it crossed $100 million in annualised revenue.
On Tuesday, Bitcoin surged above $64,000, marking a 1% increase for the day and a marginal gain over the week. Ether followed closely, edging up by half a percent to just under $1,900 with a weekly gain of nearly 1%. In contrast, XRP experienced a 1% drop to just under $1, suffering a 2% decline over the week, the most significant among the major cryptocurrencies.
Dogecoin, BNB, and Tron also experienced slight declines, reaching 7 cents, 33 cents, and just over $600, respectively. Solana, however, remained flat at just under $76. Among smaller cryptocurrencies, Hyperliquid's HYPE stood out with a nearly 1% increase to just over $59, with a 7.5% rise over the past week, the most notable weekly performance.
Chief market analyst Alex Kuptsikevich at FxPro noted that Bitcoin has been below its 50-day moving average for four consecutive days, following an earlier attempt to break above it. The price remains below its 200-week average, indicating sellers dominate both medium and long-term trends. To break this trend, Bitcoin needs to surpass the $62,000 to $65,000 range it has been fluctuating in.
Bitcoin's network is undergoing changes as publicly listed miners have reduced their combined computing power by 21% over three quarters. This shift is attributed to weak mining economics and competition from the AI sector for both capital and electricity. Venice, an AI platform founded by crypto entrepreneur Erik Voorhees, reported crossing $100 million in annualized revenue, with its VVV token rising 10% to around $13.30.
Meanwhile, the broader market continued its upward trajectory. Oil prices surged, breaching Brent above $91 a barrel amid President Donald Trump's refusal to extend the expired agreement with Iran and rising tensions in Lebanon. Asian bonds followed Treasuries lower due to concerns over government finances, exacerbated by higher energy prices and the potential for accelerating inflation.
Stock and futures markets also declined. In July, combined CEX (centralized exchange) volumes fell by 23.9% to $3.76 trillion, the lowest since November 2023, as decentralized exchange spot market share reached a record 19.5% and RWA (reserve weighted average) perpetual contracts hit $460 billion.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
