Bitcoin Climbs Above $64K Despite $100M Hack
Bitcoinclimbed above $64,000 on Monday, August 3, despite a hack that stole over $100 million in BTC. Analysts attributed the move to improving macro sentiment and optimism about U. S. crypto regulation,. . .
Bitcoinclimbed above $64,000 on Monday, August 3, despite a hack that stole over $100 million in BTC. Analysts attributed the move to improving macro sentiment and optimism about U. S. crypto regulation, including the CLARITY Act. The Coldcard hardware wallet hack failed to trigger a selloff, signaling that bearish positioning had eased, according toTechdollarCEO Terence McMenamin. Other experts pointed to positive U. S. -Irannews and strong Wall Street earnings as catalysts for the rally. Bitcoin prices climbed on Monday, August 3, posting a modest gain to more than $64,000, even as headlines were dominated by a hack that resulted in the loss of over $100 million worth of the digital currency, according toCoinbase data from TradingView. The digital asset rose roughly 2. 9% after falling to approximately $62,200 earlier in the day. - Advertisement -Analysts offered differing explanations for the upward movement. “Bitcoin’s move from roughly $62,200 to $63,900 appears to reflect a combination of improving macro sentiment and growing optimism around U. S. crypto regulation rather than a single catalyst,”stated Terence McMenamin, CEO and cofounder ofTechdollar, via email. He noted that investors are increasingly optimistic the Federal Reserve could shift to a more accommodative policy if economic data softens, supporting risk assets. Meanwhile, McMenamin highlighted that the market is pricing in the possibility that theCLARITY Actcould advance before Congress recesses, clarifying SEC and CFTC jurisdiction over digital currencies. “Many institutional investors have been explicit that clearer regulatory rules are a prerequisite for deploying more capital,”he added, noting that each credible headline suggesting progress on the legislation brings sidelined investors back in. He also addressed theColdcardhack, which attackers executed by identifying patterns in recovery phrase generation, according to a Block document reported byFortune. The hack“failed to trigger a meaningful selloff, suggesting the market had already absorbed much of the recent pessimism. ”Market expert Tim Enneking, managing partner ofPsalion, offered a different take via email:“The small move up was probably due to some mildly positive news with respect to the US-Iran ‘war’ and a very positive start to the week on Wall Street due to solid earnings reports. ”Jeff Anderson, managing director atSTS Digital, also weighed in, stating that“Bitcoin’s move higher tracks other risk assets, with the NASDAQ rebounding nearly 2% after last week’s washout. ”He explained that stretched positioning in AI and chipmakers triggered a valuation cascade that rippled into digital assets over the weekend. - Advertisement -✅ FollowBITNEWSBOTonTelegram,Facebook,LinkedIn,X. com, andGoogle Newsfor instant updates. Previous Articles:Amazon’s $3 Trillion Milestone: Cramer Urges Investors to BuyBlackRock Launches Solana Tokenized Fund for Stablecoin ReservesRobinhood Opens Venture Capital Fund to Everyday InvestorsAmazon Gains $560B in Market Cap as SpaceX PlummetsBlackRock launches tokenized funds for stablecoin reservesStay in the Loop🔥Join 1. 2K Smart TradersGet exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.