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Bitcoin, Ether Steady as US-Iran Tensions Escalate Again
Bitcoin held above $62,000 on Thursday while the assets that are supposed to absorb a war premium moved in opposite directions.
Bitcoin traded at $62,009, down 1.2% over 24 hours and up 1.6% on the week. Ether was at $1,730, also off 1.2% on the day but up 5.7% over seven sessions. Solana was the laggard at $77.25, shedding 1.8% and 1.7% on the week. XRP slipped 0.7% to $1.09, TRON added 4% over seven days, and hyperliquid's HYPE gained 5.9% on the week despite a 1.2% daily dip.
Bitcoin Miners Bet Big on AI Infrastructure and Win. TeraWulf, IREN, Hut 8 Surge
TeraWulf, IREN, and Hut 8 all rallied yesterday, July 8, but Bitcoin’s price had nothing to do with it. Each saw their stock prices continue to rally on separate AI infrastructure news.
TeraWulf stock rose more than 12.8% after signing a 20-year lease with Anthropic for a Kentucky data center. The site will support 401 megawatts of critical IT load, online by early 2028.
IREN climbed 8.01% after Freedom Capital Markets upgraded the stock to buy. The firm argued the recent pullback had created more upside than the market recognized. A Nvidia keynote appearance on July 8 also lifted sentiment around Bitcoin miner stocks.
Hut 8 jumped 9.69% in a single session after joining several Russell growth and small-cap indexes. Index inclusion suggests institutions are noticing the shift toward AI. The stock is up 383% over the past year.
Bitcoin Is 'Anti-Fragile,' Says CFTC Chairman, Urges To Pass CLARITY Act
Bitcoin has proven to be one of the most “anti-fragile” assets despite repeated market shocks and government crackdowns, according to CFTC Chairman Michael Selig.
In an interview with Glenn Beck on July 8, Selig highlighted that Bitcoin has repeatedly survived major crises, including the collapse of Mt. Gox, the failure of FTX and regulatory actions under the Biden administration.
He reiterated the CFTC’s position that Bitcoin should be treated as a commodity rather than a security or currency.
“We’ve characterized it as a commodity at the CFTC. It’s just like gold or silver, oil or gas,” Selig said.
Selig also defended the Trump administration’s pro-crypto stance, saying President Donald Trump is not involved in the day-to-day management of his family’s crypto-related business interests and remains subject to federal ethics rules.
Cantor, Adam Back’s BSTR Seek New Terms for Bitcoin SPAC Merger
A Cantor Fitzgerald-backed blank-check company and Adam Back’s Bitcoin investment company scrapped the original terms of their planned merger and will negotiate a revised deal, as a tougher market for crypto challenges Bitcoin treasury companies.
Cantor Equity Partners I Inc. and BSTR Holdings Cantor Equity Partners I, Inc. and Bitcoin Standard Treasury Company Provide Update on Proposed Business Combination they will not proceed under the merger agreement signed last year and will instead pursue amended terms that better reflect current market conditions. They did not disclose the financial terms of a revised transaction or say when a new agreement could be reached.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Wednesday was $84.86 million. The total net asset value of Bitcoin spot ETFs is $75.34 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.05%.
The Bitcoin spot ETF with the highest net inflow on July 8 was Grayscale Bitcoin Mini Trust, with a net inflow of $52.83 million, according to SoSoValue.
Source: SoSoValue