Oil prices turn lower as Bessent says U.S. may have Iran deal "today or tomorrow"
Investing.com -- Bitcoin traded just above $63,000 on Saturday, August 1, falling around 1.3% over the previous 24 hours after ending July with a gain of roughly 7.5%, despite rising bond yields, interest-rate concerns and weakness in AI-related stocks.
Analysts expect trading to remain volatile and range-bound in August as investors assess the prospect of Federal Reserve rate increases, upcoming U.S. employment data and spot Bitcoin exchange-traded fund flows. Bitcoin was trading down 1.13% at $6,3104.1 as of 04:51 ET (08:51 GMT).
Bitfinex analysts said Bitcoin entered the latest Fed meeting with less leverage than equities after derivatives positions were cleared during the late-June sell-off. Bitcoin briefly fell below $58,000 on July 1.
Average daily crypto liquidations have since remained below 2026’s typical range of $400 million to $500 million. This reduced the amount of forced selling when broader risk appetite weakened.
A major Coldcard hardware-wallet exploit has created a new source of pressure. Galaxy Research said 1,082.65 Bitcoin, worth about $70 million, was removed from 1,196 wallets during a 41-minute period on July 30.
The attacker reportedly recreated private keys offline after a firmware flaw produced predictable wallet seeds. The stolen Bitcoin remains in four addresses, but analysts warned that further thefts could occur and that any liquidation may weigh on prices.
The incident has also renewed concerns about self-custody. Hardware wallets are designed to keep private keys offline, but the Coldcard breach showed that weaknesses in seed generation can expose funds without an attacker accessing the physical device.
Institutional demand remains another key factor. Analysts said sustained spot ETF inflows could support Bitcoin, but the signal has yet to emerge. A stronger dollar, higher real yields and weak ETF demand would create a more difficult environment.
Tether increased its Bitcoin reserves by 1,796 coins during the second quarter, taking its holdings to 98,933 BTC. The USDT issuer reported $1.5 billion in operating profit, though its excess reserve buffer declined by half to $4.11 billion.
Tether held $187.75 billion in assets against $183.64 billion in liabilities at the end of June. Its USDT issuance rose to $184.6 billion. The company also added 14 metric tons of gold to its reserves during the quarter.
Crypto price today: altcoins mixed amid muted weekend trading
Looking at broader crypto prices, altcoins recorded both gains and losses amid thin Saturday trading.
World no.2 crypto Ethereum shed 1.14% to trade at $1,868.85.
World no. 3 crypto XRP eased 1.40% to $1.0621.
Cardano was up 0.99% while Solana declined 0.83%.
Among meme tokens, Dogecoin was trading flat for the day.
How much is hesitation costing you?
Every day you wait is a day the market moves without you. InvestingPro puts institutional-grade data and AI-powered insights in your hands—without the institutional price tag.
Stop waiting. Start investing with confidence.