Crypto Market Turns Red; Bitcoin Loses Steam
Bitcoin fell to around US$62,763 during Friday's trading (July 31). The world's largest cryptocurrency briefly touched a daily low of approximately US$62,426 after failing to sustain a rally toward the US$65,000 mark.
Pressure on Bitcoin stems from a lack of clear signals regarding the Federal Reserve's interest rate trajectory. Inflationary risks—driven by high energy prices and conflict in the Middle East—have raised concerns that the Fed will maintain a tight monetary policy for longer.
Bitcoin also failed to keep pace with the strong rally in global technology stocks. While optimism surrounding artificial intelligence investments boosted chipmakers and tech companies, that positive sentiment has yet to drive significant capital inflows into the cryptocurrency market.
Other cryptocurrencies also faced downward pressure. Ethereum traded around US$1,624.95, while XRP hovered near US$1.059. Solana traded around US$77.97, Cardano near US$0.1695, and Dogecoin close to US$0.0693.
Market sentiment was further weighed down by earnings reports from digital asset-related companies. One firm recorded a second-quarter loss of US$8.22 billion due to the declining value of its Bitcoin holdings. Coinbase also reported losses and a drop in revenue as crypto trading activity remained sluggish.
Newsmaker Analysis: Bitcoin remains at risk of further pressure as long as it stays below the US$64,000–US$65,000 range. The US$62,400–US$62,000 zone serves as the immediate support level. If the US$62,000 mark is breached, downward pressure could extend toward US$60,000, dragging altcoins lower. Conversely, a recovery above US$64,000 is needed to reignite buying momentum. (arl)
Source: Newsmaker.id
