On July 31, Bitcoin fell sharply to $63,018, marking its lowest point in nearly 11 days. The crypto faced pressure as U.S. stocks remained flat while Asian markets staged a cautious comeback.
Ether fared worse, sliding 4.1% in the same session, underperforming Bitcoin’s 2.9% drop. The downturn reflects growing investor caution tied to rising geopolitical tensions and shifting economic expectations.
Oil prices have surged past $100 per barrel due to conflicts in the Middle East, adding fuel to fears of Federal Reserve rate hikes. At the same time, technology shares suffered after Alphabet’s earnings disappointed, pushing the Nasdaq lower.
South Korea’s KOSPI fell over 10%, triggering automatic trading halts amid the volatility. Though some Asian indexes recovered from their lows, the U.S. markets finished the day mixed, showing little reaction to the Asian relief bounce.
Bitcoin's price has been stuck between $63,000 and $65,000 throughout late July, a far cry from its peak above $88,000 earlier in the cycle a roughly 28% drop. Despite some intra-session resilience, BTC ended near its lows once again.
The growing link between Bitcoin and the Nasdaq is reshaping market behavior. Whenever tech spending concerns rise or oil prices spike, Bitcoin tends to follow the selloff. Investors are now watching to see if BTC can hold the $63,000 support and push convincingly above $65,000.
This is informational content and not financial advice.
