CoinDesk
Bitcoin held above $64,600 on Thursday, up marginally on the day and 0.5% on the week, after buyers stepped in earlier in the week near $62,500 to push price back above the 50-day moving average. The broader crypto market offered little direction: ether rose 1% to $1,904, XRP slipped nearly 3% to $1.04, BNB fell over 1% to $595, and Hyperliquid's HYPE posted the strongest weekly performance at +4%. The standout event for crypto is Thursday's $101 billion SpaceX stock unlock, the first lockup expiration, which makes a sizable secondary market tradable for the first time.
Why it matters
The technical defense is what bulls are watching, not the spot price. Alex Kuptsikevich of FxPro said bitcoin's momentum has built since Monday's defense of $62,500 and the reclaim of the 50-day moving average, with optimism concentrated in BTC rather than the broader market, the pattern he called typical of the early stages of a longer-term shift.
The wider backdrop is less encouraging. The MSCI All Country World Index snapped a five-day run with a 0.2% decline as chipmakers retreated on both sides of the Pacific. Korea's Kospi, a bellwether for the AI trade, dropped 4.4% led by SK Hynix and Samsung. Gold climbed 0.4% to its strongest level since June as traders trimmed rate-hike expectations, and Brent fell under $80 a barrel after Iran said it reached a shipping agreement with Oman through the Strait of Hormuz.
Market impact
SpaceX's $101 billion secondary matters to crypto because the company holds 18,712 BTC, worth roughly $1.1 billion at the end of June. Any treasury decision by Musk's company would draw outsized attention from analysts tracking corporate bitcoin adoption.
SoftBank reports later Thursday, with $34.6 billion deployed into OpenAI through Vision Fund 2 since September 2024 and ownership of chip designer Arm. The numbers are read as a barometer of whether private AI investment is holding up alongside the wobbling public chip names.
Frequently asked questions
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Why is Bitcoin holding above $64,600 considered a bullish signal?
Buyers stepped in near $62,500 earlier in the week and pushed price back above the 50-day moving average. Alex Kuptsikevich of FxPro called that defense typical of the early stages of a longer-term shift.
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How much Bitcoin does SpaceX hold?
SpaceX holds 18,712 BTC, worth roughly $1.1 billion at the end of June, according to public disclosures referenced in the report.
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What is the $101 billion SpaceX stock unlock?
It is the first lockup expiration for SpaceX, making roughly $101 billion of stock tradable on the secondary market starting Thursday.
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Why are traders watching SoftBank's earnings?
SoftBank has put $34.6 billion into OpenAI through Vision Fund 2 since September 2024 and owns chip designer Arm, making its results a read on private AI investment.
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How did global markets react alongside Bitcoin?
The MSCI All Country World Index fell 0.2% and Korea's Kospi dropped 4.4% as chipmakers retreated. Gold climbed 0.4% to its strongest level since June as traders trimmed rate-hike expectations.
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