Bitcoin (BTC) Reclaims $64,000 in Just One Day
Despite the failed extension of the U.S.-Iran ceasefire, Bitcoin bounced back to the 64,000 USD range. However, analysts caution that if the price dips below 63,200 USD, it could potentially slide back to 57,000 USD due to lingering liquidity concerns.
As of 8:30 a.m. (Korean time) on Tuesday, Bitcoin’s price on Bithumb, a major South Korean exchange, stood at 90.86 million KRW (approximately 64,355 USD), up 0.89% from the same time yesterday.
Simultaneously, CoinMarketCap reported the global Bitcoin price at 64,455 USD, a 2.69% increase.
Bitcoin, which had been trading around 62,000 USD the previous day, managed to recover to the 64,000 USD range today, even after talks to extend the U.S.-Iran ceasefire fell through.
On June 17, the U.S. and Iran had agreed to open the Strait of Hormuz and negotiate a final agreement on Iran’s nuclear program within 60 days.
However, Iran’s state-run Tasnim news agency reported that the country has rejected the possibility of negotiations to extend the memorandum of understanding (MOU).
Esmail Baghaei, Iran’s Foreign Ministry spokesperson, stated that it never initiated any negotiations, and the U.S. violated the agreement from the start. Therefore, the 60-day timeline is meaningless.
In an interview with foreign media, President Donald Trump demanded Iran’s unconditional surrender.
Cryptocurrency exchange Bitfinex recently reported that $63,200 has been a crucial support level for Bitcoin over the past two weeks. They predict that if the price falls below this threshold, it could test June’s low of 57,803 USD.
The report also noted that positive macroeconomic factors, such as slowing U.S. inflation and record highs in the stock market, have yet to fully impact the crypto market.
Bitfinex emphasized that a substantial recovery in crypto market liquidity would require both increased inflows into Bitcoin spot exchange traded funds (ETFs) and growth in stablecoin supply. They cautioned against expecting significant improvements based solely on macroeconomic factors.
Wall Street Giant Boosts Bitcoin ETF Holdings by 630 Million USD in Q2
A major Wall Street market maker has significantly increased its Bitcoin spot ETF holdings by 630 million USD in the second quarter.
According to reports on Tuesday, the firm’s total Bitcoin ETF holdings reached 1.06 billion USD at the end of Q2, as disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
This expansion comes after the company had reduced its Bitcoin ETF holdings by approximately 71% in the first quarter.
Notably, the firm’s holdings in BlackRock’s iShares Bitcoin Trust (IBIT), a Bitcoin spot ETF, surged from about 5.9 million shares at the end of Q1 to 24.9 million shares by the end of Q2. The valuation jumped from 225 million USD to 828 million USD.
MicroStrategy Prioritizes Cash Reserves Over Stock Buybacks Michael Saylor, Chief Executive Officer (CEO) of MicroStrategy, the world’s largest corporate Bitcoin holder, announced that the company is focusing on building cash reserves and its preferred stock business rather than repurchasing shares.
On Monday, CoinDesk reported Saylor as saying that buying back the stock (MSTR) is not currently a priority for the company. He added that however, it might consider repurchases if the stock trades at a significant discount to its net asset value (NAV).
MicroStrategy has amassed approximately 4.8 billion USD in cash, providing flexibility for potential Bitcoin purchases, stock buybacks, preferred stock acquisitions, and debt repayments.
The company is also concentrating on its preferred stock, STRC, aiming to maintain its price around the 100 USD issuance level.
U.S. Treasury Unveils Draft Regulations for Stablecoin Act
The U.S. Treasury Department has released draft regulations for the so-called Genius Act, which aims to govern stablecoin issuance and circulation.
As reported by CoinDesk on Monday, the Treasury has published detailed criteria for implementing the Act and is seeking public input over a 60-day period.
The proposed regulations establish guidelines for licensing stablecoin issuers and restricting circulation within the U.S.
The Genius Act requires businesses issuing payment-focused stablecoins in the U.S. to obtain government approval. It also limits the circulation of stablecoins from foreign issuers that don’t meet the specified requirements.