Bitcoin pushed above $64,000 on Tuesday, gaining more than 1% on the day and edging marginally higher on the week — the only major cryptocurrency to post a meaningful advance as the rest of the market drifted lower.

Ether eased half a percent to just under $1,900, though it retains an almost 1% weekly gain. XRP fell over 1% to just under $1 and is down more than 2% on the week, the weakest performer of the group. Dogecoin dropped nearly half a percent to 7 cents, BNB and tron both slipped marginally to just over $600 and 33 cents respectively, and solana was flat at just under $76.

Among the smaller majors, HYPE — the token of Hyperliquid, a decentralised exchange best known for perpetuals trading — was the exception, rising almost 1% to just over $59, a 7.5% gain over seven days, by far the strongest weekly performance of the cohort.

Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin has now spent four days below its 50-day moving average following an earlier attempt to break above it, and remains below its 200-week average on the longer-term view. Both are widely followed markers: the 50-day line as a gauge of the medium-term trend, and the 200-week line as a long-cycle reference that has coincided with the lows of bitcoin's previous multi-year downturns. That keeps sellers in control of both the medium- and very long-term trends, he said, and nothing changes until the price exits the $62,000 to $65,000 range in which it has been stuck.

Bitcoin's underlying network is also changing shape. Publicly listed miners have cut their combined computing power by 21% over three quarters as they redeploy capacity to AI infrastructure, according to Miner Weekly, which attributes the shift to weak mining economics and competition from the AI sector for both capital and electricity. The squeeze on mining economics dates back to the April 2024 halving, which cut the subsidy for each mined block from 6.25 to 3.125 BTC, and redirecting sites toward AI compute has since become a common playbook across the listed-mining sector.

Elsewhere in crypto, Venice, the privacy-focused AI platform founded by serial crypto entrepreneur Erik Voorhees — best known previously for building the ShapeShift exchange — said it had crossed $100 million in annualised revenue, and its VVV token rose 10% on the day to around $13.30.

Broader markets continued their climb. Oil surged higher, with brent rising over half a percent to just over $91 a barrel after President Donald Trump said he was not interested in extending the expiring agreement with Iran, and as fighting flared again in Lebanon.

Asian bonds followed Treasuries lower on concerns about government finances, with higher energy prices adding to worries that inflation will pick up. Stocks and futures both fell. Bitcoin has often traded in tandem with liquidity-sensitive risk assets in recent years, so the unfolding rates-and-inflation debate forms part of the wider macro backdrop crypto markets are navigating.

Source: CoinDesk