Key facts
- Bitcoin held above $64,600, showing marginal gains on the day and week.
- Ether saw a slight increase, while XRP and BNB experienced declines.
- Hyperliquid's HYPE token recorded the strongest weekly performance among major tokens.
- Global equity markets weakened, with chipmakers experiencing losses.
- Gold prices rose as traders reduced rate-hike expectations.
- A significant unlock of SpaceX stock, valued at approximately $101 billion, is set to occur.
Bitcoin held its ground above $64,600 on Thursday, showing modest gains for the day and week, as the broader cryptocurrency market offered little directional clarity. Attention is also on Elon Musk's SpaceX, where approximately $101 billion worth of stock is set to become tradable as its initial lockup period expires. The company's holdings include 18,712 BTC, valued at about $1.1 billion as of late June.
Major cryptocurrencies showed mixed performance. Ether saw a slight increase, rising over 1% to $1,904, though it remained down 0.7% for the week. XRP was the weakest among the group, falling nearly 3% to $1.04 and 3% on the week. BNB slipped over 1% to $595 but still leads the majors over seven days with a 3.5% gain. Solana fell nearly 1% to $74, and dogecoin saw a similar decline to 7 cents. Tron remained flat at 33 cents. Hyperliquid's HYPE token was little changed at $56 but is up over 4% on the week, marking the best weekly performance among the major tokens.
Alex Kuptsikevich of FxPro noted that Bitcoin has shown upward momentum since Monday, with buyers stepping in during a dip towards $62,500 and pushing the price back above its 50-day moving average. He suggested that optimism is more concentrated on Bitcoin than the wider market, which is characteristic of the early stages of a long-term shift.
The broader equity market backdrop turned less favorable. The MSCI All Country World Index broke a five-day winning streak, falling 0.2%, as chipmakers experienced declines on both sides of the Atlantic. South Korea's Kospi, considered a bellwether for the AI trade, dropped 4.4%, with SK Hynix and Samsung leading the losses.
Meanwhile, gold prices rose 0.4% to their highest level since June, driven by traders trimming their expectations for interest rate hikes. Brent crude oil traded below $80 a barrel after Iran announced an agreement with Oman on a shipping route through the Strait of Hormuz.
SoftBank is scheduled to report its results later on Thursday. The company has invested $34.6 billion in OpenAI through its Vision Fund 2 since September 2024 and also owns chip designer Arm. Its financial results are anticipated to serve as an indicator of the health of the private AI investment sector.