Bitcoin (CRYPTO: $BTC) has outperformed stocks over the past week despite rising market volatility caused by corporate earnings and higher oil prices. BTC was trading at $64,115 U.S. on the afternoon of July 24 and basically flat on the week even as equity markets declined.
The benchmark S&P 500 index was on pace for a weekly drop of about 1% as crude oil prices rose above $100 U.S. for the first time since late May and amid uneven second-quarter financial results from leading companies such as Alphabet (NASDAQ: $GOOGL), Tesla (NASDAQ: $TSLA), and American Express (NYSE: $AXP).
Geopolitical turmoil also continues to weigh on markets as fighting between the U.S. and Iran intensifies and President Donald Trump announced new tariffs on the imports of 60 countries around the world, including new 50% duties on products from neighbouring Canada. Despite pulling back from its high for the week of $66,800 U.S., Bitcoin showed some resilience in the face of the current upheaval in the broader market.
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Here’s what else happened with cryptocurrencies over the last five days…
Strategy Leaves Bitcoin Holdings Unchanged: Strategy (NASDAQ: $MSTR) left its holdings of Bitcoin unchanged for a second consecutive week as it continues to build-up its cash reserves. The world’s largest corporate owner of Bitcoin raised its cash reserves by $225 million U.S. over the past week after selling some common stock, bolstering its liquidity. Strategy’s U.S. dollar reserves now stand at $3.23 billion U.S. while the company’s Bitcoin stack remains steady at 843,775 BTC worth $54.5 billion U.S.
Kalshi Adds Three Million New Users: Prediction market Kalshi said that it added three million new users during the FIFA World Cup soccer tournament that concluded on July 19. Kalshi brought in three million new users over the course of the tournament and more than $1.2 billion U.S. was traded on its prediction market during the World Cup, a record for a sports betting platform. During the World Cup, Kalshi made several moves to boost its brand, including serving as the “official prediction market sponsor” of the tournament.
Hut 8 Announces New Data Centre Deal: The stock of Hut 8 (NASDAQ: $HUT) rose 11% on July 20 after the company announced a new artificial intelligence (A.I.) data centre deal. Hut 8 said that it agreed a 15-year $9.8 billion U.S. lease at its Beacon Point data centre campus in Texas. Management at Hut 8 said the new contract comes from an existing data centre tenant, which it refused to name. However, Hut 8 reiterated that the tenant is a high-investment-grade company and that it has doubled its contracted computing capacity to 704 megawatts.