Crypto18 August, 20262 min read
Bitcoin Climbs Above $64,000 While Ether Slips and XRP Falls
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Bitcoin rises above $64,000, the only major crypto with meaningful gains. Most major coins slip or stagnate as Bitcoin leads the market.
Bitcoin above $64,000
Bitcoin climbed above $64,000 while most major cryptocurrencies slipped or were flat, with Ether easing half a percent to just under $1,900 and XRP falling over 1% to just under $1. CoinDesk said publicly listed bitcoin miners have cut their computing power by 21% over three quarters as they shift capacity to AI, while Venice reported it had crossed $100 million in annualised revenue and its VVV token rose 10% on the day to around $13.30. Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin has spent four days below its 50-day moving average after an earlier attempt to break above it, and remains below its 200-week average.
CoinDesk reported bitcoin remains stuck between $62,000 and $65,000, leaving sellers in control of medium- and long-term trends, and said nothing changes until the price leaves that range. The same CoinDesk report tied broader market moves to oil, saying oil prices rose above $91 a barrel after President Donald Trump signaled he would not extend an agreement with Iran and fighting intensified in Lebanon.
Analyst caution and miners
Bloomingbit said Bitcoin reclaimed the $64,000 level and was the only major cryptocurrency to post a meaningful gain, while Ether fell about 0.5% to just below $1,900 and XRP dropped more than 1% to below $1. Bloomingbit quoted Alex Kuptsikevich saying bitcoin had earlier attempted to break above its 50-day moving average but has stayed below that level for four consecutive trading sessions, and that it also remains below its 200-week moving average. Bloomingbit said it is difficult to call a clear directional shift until Bitcoin breaks out of the recently formed $62,000-to-$65,000 range.
CoinDesk added that the shift in miners’ computing power is attributed to weak mining economics and competition from the AI sector for both capital and electricity, citing Miner Weekly. CoinDesk also reported that Venice, founded by serial crypto entrepreneur Erik Voorhees, said it crossed $100 million in annualised revenue and that its VVV token rose 10% on the day to around $13.30.
Macro backdrop and market positioning
Cointribune said BTC/USD rose above $64,000 with a daily advance of more than 2% as US stocks fell and gold accelerated, reinforcing contrasts between the main markets. Cointribune reported that the move came as investors monitored derivatives, where funding rates indicated a strongly long-leaning positioning, and said CoinGlass data showed liquidations remained moderate as BTC/USD approached $64,000. Cointribune also tied the macro context to the 60-day ceasefire between the United States and Iran, saying the expiration was approaching and that statements related to Oman added tension.
In the same Cointribune report, Donald Trump threatened military action on Fox News, saying: “If Oman stands in our way, we will bomb it.” CoinDesk, meanwhile, said bitcoin’s own network is changing shape underneath the price as publicly listed miners cut their combined computing power by 21% over three quarters to redeploy capacity to AI infrastructure.