Bitcoin slips below $63,000 to a two-week low as weak Coinbase earnings and fading optimism weigh on sentiment

Bitcoin slipped below the $63,000 mark to its two week low level, weak Coinbase earnings and fading optimism weigh on the market sentiment. The cryptocurrency was trading at $62,972 mark.

In the past 24 hours, Bitcoin fell 2.04% and Ethereum was down 2.02% to trade at $1,865 mark. Among the other major altcoins, XRP, Solana, Tron, Hyperliquid, Dogecoin corrected upto 6.53% whereas BNB and Cardano rallied upto 1%.

Also Read | Explained: How the 8-4-3 rule of compounding can help you reach Rs 1 crore sooner The global crypto market capitalisation edged down 1.44% to $2.16 trillion, according to CoinMarketCap.

Piyush Walke, Derivatives Research Analyst, Delta Exchange said Bitcoin slipped below the $63,000 mark on Friday amid fading optimism surrounding U.S. crypto legislation and weaker-than-expected earnings from Coinbase Global Inc. and Strategy Inc., signaling that speculative investors are pulling back from the market.

The crypto market is becoming increasingly sensitive to global liquidity conditions and trends in the technology sector, making August a crucial month that could determine Bitcoin’s next major directional move, Walke said.
According to a report by ET, Coinbase Global reported third straight quarterly loss and The cryptocurrency market lost significant value in recent sessions, with bitcoin falling, as expectations that the U.S. Federal Reserve will cut ‌interest rates ⁠faded and ⁠investors pulled money from spot exchange-traded funds.The report further said that Bitcoin, the world’s largest cryptocurrency, has lost a little over 27% value so far in 2026. Shares of Coinbase, often tied to the crypto cycle, have matched that with a nearly 28% decline.

Ethereum was up 0.48% in the past week whereas Bitcoin was down 1.55%. Among the major altcoins, XRP, Solana, Tron, Hyperliquid corrected upto 9.76% whereas BNB, Dogecoin and Cardano gained upto 4.58%.

Nischal Shetty, Founder, WazirX said Crypto markets remained cautious this week as investors balanced improving geopolitical conditions with uncertainty around the U.S. Federal Reserve’s policy outlook.

Shetty further said institutional flows remained mixed, with Bitcoin ETF outflows highlighting short-term caution, while Ethereum continued to see accumulation interest and with the Fear & Greed Index in the Fear zone, traders are monitoring macro signals, liquidity conditions, and Fed commentary for the next market direction.

Also Read | Technology sector funds dominate July returns; 9 mutual funds deliver over 10% gains. Should investors ride the rally?

Here is what other analyst say

Harish Vatnani, Head of Trade, ZebPay

Bitcoin started the week on a positive note and rallied to the $66,000 level. However, it failed to sustain the gains, leading to profit booking that pushed the price back toward the $63,000 level. Overall, the cryptocurrency market continues to reflect mixed sentiment amid ongoing global macroeconomic and geopolitical developments.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)