Bitcoin Rises, Market Remains Hesitant
Bitcoin hovered around US$63,976 on Tuesday (August 4th), up about 0.5% from its previous close. Throughout today's trading, Bitcoin hovered in the US$63,293–US$64,138 range, indicating the market is still consolidating and lacks the momentum to decisively break through US$64,000.
Fundamental pressure came from Strategy, which sold 1,638 Bitcoin worth US$104.73 million last week, not the 1,683 Bitcoin initially reported. This sale marked the company's third Bitcoin dump this year and raised concerns about additional supply from one of the largest corporate holders.
Security sentiment also remains fragile after a vulnerability in Coldcard devices was linked to Bitcoin thefts. Loss estimates vary, with the initial attack valued at around US$70 million and the total loss later reported to be closer to US$89 million. This incident shook confidence, as cold wallets have long been considered one of the most secure crypto storage methods.
Coinbase's performance also limited market optimism. The cryptocurrency exchange posted its third consecutive quarterly loss, while transaction revenue fell 21% to US$599 million due to weak trading activity and reduced investor appetite for riskier assets. However, Coinbase continues to expand its stablecoin and derivatives business to reduce its reliance on Bitcoin trading.
Positive sentiment came from BlackRock expanding its tokenized money market funds to Europe through an Ethereum-based share class and JPMorgan's Kinexys infrastructure. However, developments in US-Iran diplomacy continue to provide mixed signals. Qatar claims mediation is progressing, but Iran continues to deny direct negotiations, and the Strait of Hormuz remains nearly closed.
Major cryptocurrencies are trading mixed. Ethereum is hovering around US$1,624.95, XRP US$1.059, Solana US$77.97, Cardano US$0.1929, BNB US$593.04, and Dogecoin US$0.0700.
Newsmaker Analysis: Bitcoin remains in a consolidation phase. A strong breakout above US$64,150–US$65,000 is needed to open the door to further upside. Conversely, failure to hold above US$63,300 could send the price testing US$62,000. In the short term, Strategy's selling, security risks, and weak crypto company performance pose pressure, while institutional tokenization and diplomatic progress may help maintain buying interest. (arl)
Source: Newsmaker.id
