Bitcoin Hits 10-Day Low Despite Positive CPI Data as Strategy Keeps Selling: Weekly Crypto Recap
The end of the week is here, which means that we will take a look at what happened in the past seven days, from the good, the bad, and the ugly price movements.
Let’s begin from this time last Friday when bitcoin was actually fighting for the $65,000 level despite the latest setback in the CLARITY Act saga and the lack of an actual deal between the US and Iran, although such was promised by the POTUS. The weekend was significantly less eventful, as BTC failed to make a move but remained sideways at around $65,000.
The actual breakout attempt came on Monday morning, but it was quickly halted at $65,400 again. The subsequent leg down drove the asset to $63,800. After another rebound to $64,400, the bears stepped up again and pushed it south to $63,200. The same pattern repeated on Tuesday and Wednesday as BTC was stopped at $64,400 and slipped back down to its starting point despite the rather positive CPI data for July.
It kept charting lower highs, and the latest rebound attempt was stopped even before the previous ones. Bitcoin tapped $64,000 yesterday, but the rejection drove it to under $63,000 almost immediately. Although it rebounded slightly, the bears are back in control now, driving it to a 10-day low of $62,500 as of press time.
Its weekly losses are close to 4% now. Its market capitalization has slumped to $1.255 trillion on CG, while its dominance over the alts has taken a major hit and is down to 56.1%. This is because several alts are actually in the green weekly, such as SOL, BNB, TRX, XMR, CC, and LINK.
ETH is down by a more modest 2.8%, while XRP slipped below $1.00 earlier this week for the first time in 21 months and is now fighting to reclaim that psychological support.
Market Data
Market Cap: $2.245T | 24H Vol: $47B | BTC Dominance: 56.1%
BTC: $62,550 (-3.5%) | ETH: $1,865 (-2.8%) | XRP: $1.00 (-3.2%)
This Week’s Crypto Headlines You Can’t Miss
Strategy Dumps Another 1,690 BTC in Ongoing Bitcoin Sell-Off. As the title of the Market Update suggests, Strategy continues to offload some of its BTC holdings. In the latest selling spree, the largest corporate holder of any cryptocurrency disposed of another 1,690 BTC for $108.6 million. The good news is that CEO Phong Le has reassured that the firm plans to resume its bitcoin purchases by the end of the year.
Only 90 Bitcoin Wallets Hold 10K+ BTC: And That Number Just Hit a 6-Month High. The number of large BTC wallets is increasing, which indicates a potential bullish trend amid cooling institutional demand. Such addresses hit a six-month high, as 90 hold over 10,000 units.
Ripple’s (XRP) Summer Slump Isn’t Stopping Large Wallets From Growing. The same trend is observed within the broader Ripple ecosystem, as the number of large wallets has increased by 32 over the past three months. This comes despite the asset’s massive price slide that drove it to a 21-month low earlier this week.
Trezor Provider ShipMonk Breach Exposed Order Data for 13,689 Hardware Wallet Customers. Trezor confirmed that a data breach at its logistics partner, ShipMonk, which stores its products and ships orders to customers, has exposed personal information and increased phishing attack risks for almost 13,000 customers.
Tether Clears First Full Audit as KPMG Issues Unqualified Opinion on 2025 Statements. For the first time in its long history, the company behind the largest stablecoin received an unqualified audit opinion from KPMG for all of its financial holdings. The Big 4 member verified Tether’s gold reserves through physical inspection.
‘Crypto Is Dead’ Talk Is Rising; Could Peak Fear Be a Contrarian Signal? Amid the ongoing price collapse of BTC and countless alts, the online chatter about the industry’s demise has been on the rise. Analysts, though, suggested that this could be a contrarian signal as large investors are accumulating ahead of a potential market recovery.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
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