Latest Crypto News & Market Updates

Gold hits 6-week highs on China demand as Bitcoin ignores fresh S&P 500 record

Bitcoin stayed wedged at $64,000 on Wednesdays Wall Street open as gold hit six-week highs.　　Key points:Gold analysis eyes Chinese demand as the precious metal hits its highest levels in six weeks.Bitcoin (BTC) sees a second day of lackluster performance against US stocks as the S&P 500 index builds on all-time highs.　　China in spotlight as gold rebounds past $4,200　　Data from TradingView showed continued BTC price inertia contrasting with upside for both precious metals and US equities.　　BTC/USD one-hour chart. Source: Cointelegraph/TradingView　　Gold gained 2.8% on the day to hit $4,213 per ounce, its highest levels since June 22. Chinese appetite spurred the upside, with Bloomberg reporting 14 consecutive days of inflows for domestic gold-backed exchange-traded funds (ETFs).　　China gold ETF inflows data. Source: Bloomberg　　These products saw their worst month of outflows on record in June per data from the World Gold Council. The year-to-date inflows to Chinese ETFs fell to 40 billion yuan ($5.6 billion). However, this is still the second-best H1 performance on record.　　“Demand for gold ETFs stayed robust amid growing geopolitical and economic uncertainties, while the PBoC‘s non-stop gold purchases continued to provide a supportive backdrop for sentiment. Institutional investor participation in Chinese gold ETFs has also risen, supporting demand for these

08-06Industry

BNB price targets $610 as open interest rises

BNB price traded near $600 on Aug. 5 after breaking out of its July range, while rising derivatives activity and nearby liquidation clusters pointed to a possible test of $610.　　BNB price reclaims $592 after July breakout　　According to data from crypto.news, BNB (BNB) price rose to approximately $600 on Wednesday, extending its recovery from a late-July range around $560 to $575. The daily chart shows that the token closed near $599.64 after reaching an intraday high of $605.50.　　BNB price daily chart — Aug. 5 | Source: crypto.news　　The move carried BNB above its 20-day and 50-day simple moving averages at $574.43 and $576.85, respectively. Reclaiming both averages supports the short-term bullish structure, although the asset has not yet reversed its wider downtrend.　　The 100-day SMA at $605.88 now represents the first major test. This level sits close to Wednesdays intraday high and could determine whether BNB extends its rally toward $610 or enters another period of consolidation.　　Longer-term resistance remains at the 200-day SMA near $636.13. BNB would need to reclaim that level before the daily chart confirms a broader bullish trend reversal.　　Chaikin Money Flow rose to 0.14 on the daily chart. A reading above zero indicates that buying pressure has exceeded selling pressure

08-06Industry

Analysts see bitcoin bottom forming through boredom as price clings to $64K amid spot ETF inflows

Quick TakeDespite over $200 million in spot bitcoin ETF inflows on Tuesday, the foremost cryptocurrency sat near flat around $64,000.Analysts across firms see bottom signals assembling through boredom rather than capitulation.　　Bitcoin held near $64,000 on Tuesday even as spot bitcoin exchange-traded funds absorbed $211.5 million in net inflows and Wall Street broke to fresh records on Aug. 4. The divergence is one that analysts read as a market compressed into stillness rather than one bracing for a fall.　　Spot ether ETFs also took in $53.8 million the same day. Indeed, the Ss central puzzle. Global markets broke to records while bitcoin barely moved, more than four points behind the Ss seven-day active supply hit a 2026 high with about 890,000 BTC moved as the exploit widened, a spike Head of Research Vetle Lunde said tends to cluster near local tops and bottoms.　　Bitcoin traded flat amid Wall Street surge | Image: Glassnode.A bottom through boredom　　Analysts suggest the bottom signals are assembling, but through exhaustion rather than a flush.　　Glassnodes Seller Exhaustion Constant sits at this cycles low, inside the zone where every past bottom has formed, yet still roughly a third above the floor every prior bear eventually reached. This gauge is in

08-06Industry

TeraWulfs HPC leasing revenue jumps 52%, widening lead over bitcoin mining

Quick TakeTeraWulf entered the third quarter with 102 MW of revenue-generating capacity online at Lake Mariner.The company said New Yorks data center executive order will not disrupt its Lake Mariner or Lake Hawkeye timelines.　　TeraWulfs high-performance computing lease revenue jumped 52% quarter-over-quarter to $31.9 million as the segment extended its lead over the companys legacy bitcoin mining business.　　HPC leasing accounted for roughly 71% of TeraWulfs $44.8 million in Q2 revenue, up from 62% in the prior quarter. Digital asset revenue was relatively flat quarter-over-quarter at $12.8 million but down sharply compared to $47.6 million a year earlier.　　“The second quarter reflects a financial profile increasingly driven by long-term, contracted HPC revenue,” CFO Patrick Fleury said during the companys earnings call Wednesday.　　TeraWulf (WULF) reported a net loss attributable to shareholders of nearly $940 million, widening from $427.6 million in the first quarter. The loss was mostly driven by a $755.7 million adjustment tied to the increased value of warrants issued to Google as TeraWulfs stock price rose.　　TeraWulf shares (WULF) were down less than 1% following the earnings release, though the stock is up roughly 47% year-to-date.　　TeraWulf (WULF) stock price chart. Source: The Block/TradingView　　TeraWulf operated 81 MW of revenue-generating IT capacity at its Lake

08-06Industry

Crypto-backed Michigan House incumbent loses primary despite $2M PAC support

Michigan State Representative Donavan McKinney won a Democratic primary against incumbent House Representative Shri Thanedar in a race that raised accusations of payback by the cryptocurrency industry.　　McKinney won the primary for Michigan‘s 13th Congressional District with 51.9% of the vote against Thanedar’s 48.1% as of Wednesday, the New York Times reported. The primary saw a cryptocurrency-backed political action committee (PAC) spending more than $2 million on media in an attempt to re-elect Thanedar, who has voted in favor of many bills favoring the industry while in Congress.　　Election results for Democratic primary in Michigans 13th congressional district. Source: The New York Times　　McKinney, considered by many to be a progressive challenger to two-term Thanedar, has already received support from the Democratic National Committee and the Democratic Socialists of America on his primary victory. During the campaign, he accused the crypto industry of “paying my opponent back for helping Trump make over $1 billion since taking office,” likely referring to Thanedars voting record.　　Protect Progress, the super PAC responsible for funding the ads supporting Thanedar and opposing McKinney, is affiliated with Fairshake, a group backed primarily by crypto companies Coinbase and Ripple. After spending more than $170 million in the 2024 US election cycle

08-06Industry

Bitcoin gains focus as Pentagon rewrites nuclear strategy

Bitcoin has entered the national-security debate again as the Pentagon drafts a nuclear strategy centered on potential regional conflicts with China or Russia.　　SummaryThe Pentagon is reportedly considering shorter-range tactical nuclear weaponsfor regional conflicts.US military officials previously confirmed operational Bitcoin testingand classified crypto-related work.Washingtons Strategic Bitcoin Reserve holds forfeited BTC under a no-sale policy.Bitcoin traded near $64,500, with no clear price reaction to the Pentagon report.　　Pentagon drafts new nuclear strategy　　Defense Department policy chief Elbridge Colby is drafting a classified nuclear framework that could expand the role of shorter-range tactical weapons, NBC News reported on Aug. 5, citing five people familiar with the plans.　　The emerging strategy would prepare Washington for a possible regional war involving China or Russia. It reportedly seeks to give the US president more limited nuclear options during a crisis instead of relying mainly on long-range strategic weapons.　　The approach would mark a departure from decades of US doctrine built around the threat of a large retaliatory strike. Tactical weapons have shorter ranges and are designed for more limited military targets, although any nuclear use would still carry a severe risk of escalation.　　The framework has not been adopted as official US policy. Its reported objectives include preventing a conventional conflict

08-06Industry

NFT founder accused of using millions from investor funds to finance DJ hobby, gambling

Quick TakeMiami resident Taj Tarsha, 34, was charged with securities fraud and wire fraud, each of which could mean a maximum prison sentence of 20 years.Tarshas case was assigned to U.S. District Judge Lewis Kaplan of New York. Kaplan presided over the sentencing of former FTX CEO Sam Bankman-Fried.　　An NFT startup founder is facing federal fraud charges after prosecutors alleged he stole millions of dollars from investors to bankroll his personal lifestyle, including a loan for a Miami condominium and his DJ hobby.　　On Wednesday, Miami resident Taj Tarsha, 34, was charged with securities fraud and wire fraud — each of which could mean a maximum prison sentence of 20 years. Prosecutors alleged that Tarsha made deceptive claims about how he planned to use investor funds through his company Few and Far Limited.　　The company was pitched as a decentralized marketplace for NFTs, funded by “Simple Agreement for Future Tokens”, or SAFTs, where investors paid for the rights to those tokens to obtain later on. Tarsha raised over $10 million by selling 95 million of those tokens to almost 70 investors, prosecutors said.　　However, right after getting investors funds, prosecutors say Tarsha used them instead for gambling, to buy speculative digital assets, and

08-06Industry

SpaceX stock falls 11% as AI spending hits $15.8B

SpaceX stock fell as much as 11% on Wednesday after record AI investment, and an approaching share unlock overshadowed the companys stronger-than-expected second-quarter revenue.　　SummarySpaceX generated $7.8 billion in Q2 revenue, up 92% from a year earlier.AI-related capital expenditure jumped to $15.8 billion, compared with $749 million a year ago.Piper Sandler cut its SPCX price target to $140 from $156while retaining a Neutral rating.SPCX faces further pressure as its tradable share count could rise by more than 140%.　　SpaceX revenue beats Wall Street estimates　　SpaceX reported $7.8 billion in second-quarter revenue, exceeding Wall Street‘s estimate of about $6.8 billion. Revenue rose 92% from $4.1 billion in the same period last year, marking a strong first earnings report since the company’s June Nasdaq debut.　　Starlink remained the company‘s main financial engine. Revenue from the satellite connectivity business rose 66%, while SpaceX’s AI revenue increased by about 250% from a year earlier. The companys total operating loss narrowed to $143 million from $970 million, according to Reuters.　　However, investors focused on how much SpaceX spent to generate that growth. Total quarterly capital expenditure climbed above $18 billion, including $15.83 billion allocated to AI infrastructure. That compared with only $749 million in AI spending during the year-ago period.　　Finance

08-06Industry

Coldcard exploit could boost demand for regulated bitcoin exposure, analysts say

SummaryCantor said the Coldcard wallet exploit could provide a positive read-through for crypto-related equities tied to institutional adoption.FRNT Financial said the exploit could increase demand for bitcoin ETFs as some investors seek alternatives to self-custody.Both firms said the long-term impact is likely to be adaptation rather than abandonment, with cold wallet providers improving security while some investors gravitate toward ETFs.　　The Coldcard wallet exploit, which saw investors bitcoin drained from their cold wallets, highlights the risks some investors face with self-custody and could bolster demand for spot exchange-traded funds (ETFs) and be positive for some crypto-related equities, according to Wall Street analysts.　　Investment bank Cantor said the breach may reinforce the appeal of publicly traded crypto firms linked to institutional adoption.　　The bank said the exploit could drive Coldcard users toward managed custody providers, potentially benefiting firms including Robinhood Markets (HOOD), Coinbase Global (COIN), BitGo Holdings (BTGO), Bullish (BLSH), eToro Group (ETOR) and Gemini Space Station (GEMI) through increased customer inflows.　　“The read-through is second-order but we would expect that token flows to custodians and exchanges will increase following the hack,” Nico Pasquariello, a digital asset specialist, said in the Wednesday note to clients.　　The exploit allowed attackers to steal bitcoin from users who had

08-06Industry

Gold hits six-week highs on China demand as Bitcoin ignores fresh S&P 500 record

Bitcoin (BTC) stayed wedged at $64,000 on Wednesdays Wall Street open as gold hit six-week highs.　　Key points:Gold analysis eyes Chinese demand as the precious metal hits its highest levels in six weeks.Bitcoin sees a second day of lackluster performance against US stocks as the S&P 500 builds on all-time highs.　　China in spotlight as gold rebounds past $4,200　　Data from TradingView showed continued BTC price inertia contrasting with upside for both precious metals and US equities.　　BTC/USD one-hour chart. Source: Cointelegraph/TradingView　　Gold gained 2.8% on the day to hit $4,213 per ounce, its highest levels since June 22. Chinese appetite spurred the upside, with Bloomberg reporting 14 consecutive days of inflows for domestic gold-backed exchange-traded funds (ETFs).　　China gold ETF inflows data. Source: Bloomberg　　These products saw their worst month of outflows on record in June per data from the World Gold Council. The year-to-date inflows to Chinese ETFs fell to 40 billion yuan ($5.6 billion). However, this is still the second-best H1 performance on record.　　“Demand for gold ETFs stayed robust amid growing geopolitical and economic uncertainties, while the PBoC‘s non-stop gold purchases continued to provide a supportive backdrop for sentiment. Institutional investor participation in Chinese gold ETFs has also risen, supporting demand for these products,”

08-06Industry

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