Bitcoin Dives Below $64K Amid Geopolitical Tensions and Fed Hawkishness
Bitcoin's price slipped below $64K as the cryptocurrency market struggled to recover in July. Despite reaching a high of $2,000 earlier this month, Ethereum (ETH) dropped 1.4% to roughly $1,890, while Bitcoin (BTC) fell 1.3% to around $63,870.
The weakness is attributed to growing geopolitical tensions in the Middle East and hawkish remarks from Federal Reserve officials, which have weighed on investor sentiment and slowed crypto's recovery.
Crypto derivatives reflect a cautious outlook, with the taker long-short futures volume ratio skewed toward sellers. XRP futures open interest has climbed to 2.27 billion tokens, while Bitcoin futures open interest remains largely unchanged at about 750,000 BTC throughout July.
However, Uniswap's UNI token continues to attract speculative interest, recording its third straight day of open interest growth after BlackRock expanded its tokenized Treasury fund to Uniswap.