Bitcoin Defies Downturn, Holds Above $62K Amid Fed Fears and Hack

Bitcoin maintained its strength above $62,000 in July despite concerns about Federal Reserve interest rate hikes and Treasury yields rising. The cryptocurrency also showed resilience in the face of a significant hack that saw over $38 million stolen from Coldcard wallets.

The fact that Bitcoin's price remained steady suggests investor confidence remains strong as August begins. A reduction in market leverage is thought to be one reason why forced selling was limited during these volatile conditions.