Bitcoin rises over 1% to $64,000 while ether, XRP, and other large tokens post losses amid shifting miner strategies.
Bitcoin climbed above $64,000, gaining over 1% on the day, as most other major cryptocurrencies slipped or remained flat. The move marks bitcoin as the sole notable gainer in a broader market downturn, with ether easing 0.5% to just under $1,900 and XRP falling over 1% to below $1.
Analysts noted bitcoin remains range-bound between $62,000 and $65,000, struggling to break key moving averages. Publicly listed miners have reduced computing power by 21 percent over three quarters, reallocating resources to AI, while Venice reported $100 million in annualized revenue and a 10% jump in its VVV token.
Oil prices surged above $91 a barrel, adding pressure to bonds and equities amid renewed inflation concerns tied to geopolitical tensions in the Middle East.