Bitcoin traded close to the $64,000 mark on Friday as investors remained cautious amid uncertainty over the U.S. Federal Reserve’s interest rate outlook and ongoing geopolitical tensions in the Middle East. The world’s largest cryptocurrency rose 0.5% to $64,352 by 02:01 ET (06:01 GMT), holding onto gains after a strong July recovery.
Bitcoin is on track to end July with an almost 10% monthly gain, rebounding from a decline of more than 20% in the previous month. However, rising energy prices linked to regional tensions have added to inflation concerns, raising doubts over how aggressively the Federal Reserve may cut interest rates later this year.
Institutional sentiment remained mixed, with Bitcoin exchange-traded funds (ETFs) experiencing volatile capital flows. After a prolonged period of steady inflows, recent sessions have seen notable withdrawals as investors reassessed expectations for U.S. monetary policy.
Market attention also turned to earnings from major crypto-related companies. Strategy Inc., the largest corporate holder of Bitcoin, reported a second-quarter loss of $8.22 billion due to fair-value accounting adjustments triggered by lower Bitcoin prices. Despite the accounting loss, the company expanded its Bitcoin holdings by approximately 11% during the quarter.
Meanwhile, Coinbase Global came under pressure in after-hours trading after the cryptocurrency exchange posted a larger-than-expected quarterly loss and weaker revenue, reflecting subdued digital asset trading activity and softer transaction income.
Across the broader cryptocurrency market, most major altcoins traded within narrow ranges. Ethereum gained 0.3% to $1,906.92, while XRP advanced 0.7% to $1.08. Solana added 1.1%, and Cardano outperformed the market with a 3.6% rise. Among meme cryptocurrencies, Dogecoin edged 0.3% higher.
