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Bitcoin steadies above $64,000 as traders watch $100 billion SpaceX unlock
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- DeepHorus
Bitcoin steadied above $64,600 on Thursday, holding a modest weekly gain as traders shifted focus to a landmark $101 billion unlock of SpaceX stock. The cryptocurrency edged up marginally on the day and 0.5% over the past seven days, with buyers defending a dip earlier in the week. Attention also centered on Elon Musk's SpaceX, whose first lockup expiry makes roughly $101 billion of shares tradable Thursday. The company holds 18,712 bitcoin, valued at about $1.1 billion at the end of June.
Major cryptocurrencies showed mixed performance, with ether rising over 1% to $1,904 but still down 0.7% on the week. XRP was the weakest major, falling almost 3% to $1.04 and dropping 3% over seven days. BNB slipped over 1% to $595 yet remained the weekly leader among large tokens, up 3.5%. Solana and dogecoin each declined nearly 1%, while Tron was flat and Hyperliquid's HYPE gained over 4% on the week, the best performance among majors.
Alex Kuptsikevich of FxPro noted in an email that bitcoin has gained momentum since Monday when buyers stepped in during a dip toward $62,500 and pushed price back above its 50-day moving average. He added that optimism is centered more on bitcoin than the broader crypto market, typical of the early stages of a long-term shift.
The global equity backdrop turned less supportive, as the MSCI All Country World Index snapped a five-day winning streak to fall 0.2%. Chipmakers retreated on both sides of the Pacific, with Korea's Kospi dropping 4.4% as SK Hynix and Samsung led losses. The index is seen as a bellwether for the artificial-intelligence trade, while S&P 500 and European futures edged higher.
Elsewhere, gold rose 0.4% to its strongest level since June as traders trimmed rate-hike expectations. Brent crude stayed under $80 a barrel after Iran said it reached an agreement with Oman on a shipping route through the Strait of Hormuz.
SoftBank is set to report results later Thursday, and its numbers are being watched closely as a gauge of private AI investment. The firm has put $34.6 billion into OpenAI through Vision Fund 2 since September 2024 and owns chip designer Arm, making its report a key barometer for the AI trade's resilience. As bitcoin holds above key support, traders remain cautious amid mixed signals from equities and commodities.
