Bitcoin (CRYPTO: $BTC) is pacing for a roughly 5% gain in July, although the largest cryptocurrency remains largely stuck trading in a range of $60,000 U.S. to $65,000 U.S.
On the afternoon of July 31, Bitcoin was trading at $62,850 U.S, a level it has been at since early May of this year.
It was a similar story for other cryptocurrencies such as Ethereum (CRYPTO: $ETH), Solana (CRYPTO: $SOL), and Dogecoin (CRYPTO: $DOGE), which are also stuck in a holding pattern and below key resistance levels. Ethereum was at $1,860 U.S. on July 31 and stuck below resistance at $2,000 U.S.
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Digital assets continue to struggle as equities remain volatile and geopolitical uncertainty ratchets higher. While the U.S. stock market was ending the week on a high note, equities plunged earlier in the week after the U.S. Federal Reserve decided to leave interest rates unchanged despite rising inflationary pressures. Markets suffered their worst one-day decline in more than a year.
Second-quarter financial results also continue to gyrate equity markets, with shares of widely held Apple (NASDAQ: $AAPL) down 10% on July 31 following its Q2 print and shares of rival Amazon (NASDAQ: $AMZN) up 15% on the same day after announcing its second-quarter earnings. At the same time, crude oil prices continue to swing wildly and were on track to end July at $90 U.S. a barrel as fighting between the U.S. and Iran continues.
Here’s what happened in the cryptocurrency sector over the past week…
A Quarter Of Canadians Own Crypto: One in four Canadians (25%) now own some form of cryptocurrency. A new survey by the Ontario Securities Commission found that cryptocurrency adoption in Canada is rising. In its previous 2023 survey, the Ontario Securities Commission found that only 10% of Canadians owned Bitcoin or another digital asset. Additionally, the latest survey found that a majority of Canadians (59%) say they are aware of crypto.
Coinbase Stock Falls On Disappointing Results: The stock of Coinbase Global (NASDAQ: $COIN) fell 6% after the cryptocurrency platform reported disappointing financial results due to weak trading in digital assets. Coinbase posted a loss per share of -$1.36 U.S., which was much greater than an expected loss of -$0.17 U.S. Revenue in the quarter came in at $1.2 billion U.S., which fell short of Wall Street forecasts that called for sales of $1.3 billion U.S. It was the third consecutive quarter that Coinbase missed Wall Street’s forecasts for both revenue and earnings.
Circle Secures New York Trust Charter: Circle Internet Group (NYSE: $CRCL), the issuer of USD Coin (CRYPTO: $USDC), has secured a trust charter from New York State’s Department of Financial Services. Circle is responsible for the world’s second-largest stablecoin. The trust charter is an official state banking authorization that allows it to provide fiduciary, custody, and asset-management services under New York Banking Law.
New York Sues Prediction Market Kalshi: New York State has filed a lawsuit against Kalshi, alleging that the prediction market is a “gambling platform.” The lawsuit accuses Kalshi of offering sports and event betting in the state without a gaming license. The state government is asking a judge to bar Kalshi from operating an unlicensed gambling business in New York and seeks an accounting of customer bets, losses, and company gains. New York is also seeking restitution, damages, and civil penalties against Kalshi as part of the legal action.
Bitcoin Mining Difficulty Falls To 19.9%: The difficulty of mining Bitcoin continues to decline as the price of the largest digital asset remains rangebound. Industry data shows that the mining difficulty of Bitcoin fell to 19.9% in July, the third steepest decline on record. Bitcoin’s seven-day average hashrate stood near 868 exahashes per second on July 29, down from more than one zettahash per second at late 2025. Hashrate refers to the speed and amount of computing power used by cryptocurrency networks to mint new Bitcoin.
Galaxy Digital To Open Second Data Centre In Texas: Galaxy Digital (NASDAQ: $GLXY) announced plans to open a second artificial intelligence data centre in Texas. The crypto firm is pivoting to data centre management and has said that it purchased 500 acres of land in Texas for the construction of an A.I. and high-performance computing data centre. The new campus will be Galaxy Digital’s second major data centre in Texas, following its 1.6-gigawatt (GW) Helios campus that’s situated in the western part of the state. The new data centre is expected to come online in 2028.
Strategy Boosts Cash Reserves And Leaves Bitcoin Unchanged: Cryptocurrency treasury firm Strategy (NASDAQ: $MSTR) has again chosen to raise its cash reserves and leave its Bitcoin holdings unchanged. Over the past week, Strategy lifted its cash reserves to $3.75 billion U.S. That’s enough for 2.1 years of preferred stock (NASDAQ: $STRC) dividend coverage. The company made no changes to its Bitcoin holdings, which remain steady at 843,775 coins.
Bitmine Buys Another 10,000 Ethereum: Bitmine Immersion Technologies (NYSE: $BMNR) purchased another 10,000 Ethereum over the past week. Bitmine Chairman Tom Lee said on social media that despite the depressed price, Ethereum has been outperforming Bitcoin, which is a bullish sign. Bitmine, which is the largest Ethereum treasury company, bought 9,946 ETH worth $19.4 million U.S. over the past week. The latest purchase lifted Bitmine’s total holdings of Ethereum to 5,787,414 tokens worth $11.2 billion U.S.
Core Scientific Partners With AMD On A.I. Data Centre: Core Scientific (NASDAQ: $CORZ) is partnering with chipmaker Advanced Micro Devices (NASDAQ: $AMD) on a new artificial intelligence (A.I.) data centre. The deal involves AMD taking out a 15-year lease for 529 megawatts of U.S. A.I. capacity, which Core Scientific said could generate more than $14 billion U.S. of revenue for it. Core Scientific is a former Bitcoin miner turned A.I. data centre operator. The deal is expected to support AMD customer deployments starting in 2027.
U.S. Senate Shelves Clarity Act: Hopes have been dashed that the Clarity Act pertaining to cryptocurrencies will be passed into law before the U.S. Congress takes its summer break in August. The U.S. Senate has shelved the “Digital Asset Market Clarity Act” that seeks to regulate cryptocurrencies as it rushes to pass other legislation. The Clarity Act that is the crypto industry’s central policy effort. Congress is scheduled to take its summer break beginning on Aug. 8.
