Bitcoin maintained a position above $64,600 on Thursday, exhibiting a slight increase for the day and a 0.5% rise over the week, as the other major cryptocurrencies provided minimal guidance. Attention is also focused on SpaceX, owned by Elon Musk, where approximately $101 billion of stock will become tradable on Thursday as the initial lockup period concludes. The company possesses 18,712 BTC, valued at approximately $1.1 billion as of the end of June. Ether increased by more than 1% to $1,904; however, it is still down 0.7% over the past week. XRP exhibited the most significant decline among its peers, decreasing nearly 3% to $1.04, with a weekly drop of 3% as well.
BNB slipped over 1% to $595; however, it continues to lead the major cryptocurrencies over a seven-day period with a gain of 3.5%. Solana experienced a decline of nearly 1%, settling at approximately $74, while dogecoin similarly decreased to 7 cents. Tron remained unchanged at 33 cents. Hyperliquid’s HYPE remained relatively stable at $56, reflecting an increase of over 4% for the week, marking the strongest weekly performance among the major assets. Alex Kuptsikevich noted in an email that bitcoin has gained momentum since Monday, when buyers entered during the dip toward $62,500 and pushed the price back above the 50-day moving average.
Optimism is primarily focused on bitcoin rather than the broader market, he noted, which is characteristic of the initial phases of a prolonged transition. The equity backdrop has become less favourable. The MSCI All Country World Index ended its five-day streak, declining by 0.2% as semiconductor manufacturers experienced a downturn on both sides of the Pacific. Korea’s Kospi, a bellwether for the AI trade, experienced a decline of 4.4%, with SK Hynix and Samsung at the forefront of the losses. S&P 500 and European futures experienced a modest increase.
Meanwhile, Gold increased by 0.4%, reaching its highest level since June as traders adjusted their expectations regarding rate hikes. Concurrently, Brent crude traded below $80 a barrel following Iran’s announcement of an agreement with Oman concerning a shipping route through the Strait of Hormuz. SoftBank is scheduled to report later on Thursday. It has invested $34.6 billion into OpenAI through Vision Fund 2 since September 2024 and possesses chip designer Arm, making its figures a barometer for the stability of the private sector in the AI market.