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Bitcoin, Ethereum, XRP, Dogecoin Flat as US Resumes Iran Strikes
Leading cryptocurrencies traded flat as investors digested the Federal Reserve’s policy decision and renewed Middle East hostilities.
Bitcoin traded in a narrow $63,000–$64,000 band on heavy volume, while Ethereum hovered around $1,900 in a similarly tight range. XRP and Dogecoin also moved sideways.
Cryptocurrency-related stocks retreated, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing down 2.94% and 5.58%, respectively.
One SK Hynix Stock Trade Blew Up $60 Million in Crypto Bets
The crypto industry learned an expensive lesson this week when a Korean chip manufacturer’s shares suddenly dropped.
At the start of trading in Seoul on Tuesday, SK Hynix Inc. shares slumped 30% below their closing price the night before, the result of a single share changing hands in the pre-market session at what appears to have been a rogue price. While subsequent trades were significantly higher, they came too late for a set of traders operating in an alternative world outside of public markets.
Holders of a derivative contract tied to SK Hynix’s shares that trades on the crypto exchange Hyperliquid were forced to close nearly $60 million in long positions within two minutes as the contract’s price dropped by roughly 20%, according to Allium, a blockchain data platform. Allium estimates the incident resulted in $17.4 million of realized losses among more than 900 users.
In a statement, Trade.xyz, the developer of the contract, said it will “cover liquidation losses attributable to the anomalous portion of the move.”
Robinhood CEO Says Trump Administration Crypto-Friendly, But Regulatory Clarity Needed
$Robinhood Markets Inc.(HOOD)$ CEO Vlad Tenev stated on Wednesday that the firm seeks a “durable” foundation for the cryptocurrency industry in the U.S., and views the Clarity Act as a step toward that goal.
During the company’s second-quarter earnings call, Tenev said that while the Trump administration has been “great” for the industry, regulatory stability is necessary.
“We want the foundation of the industry in the U.S. to be durable,” Tenev added. “We don’t want the floor to be shifting out from under us every four, eight years, and new rules to be put in place.”
Polymarket Odds on CLARITY Act Crash to 28% as Senate Misses August Deadline
The Digital Asset Market Clarity Act will not receive a Senate floor vote before the August 7 recess, with Senate Majority Leader John Thune acknowledging the chamber lacks time to complete debate, amendments, and a cloture vote before lawmakers leave Washington.
The admission is not merely a scheduling inconvenience, it compresses an already tight legislative calendar and forces the market-structure bill into a September session that carries far less political momentum, while prediction markets are pricing in a sharply diminished probability of enactment this year.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Wednesday was $32.11 million. The total net asset value of Bitcoin spot ETFs is $77.46 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.08%.
The Bitcoin spot ETF with the highest net inflow on July 29 was iShares Bitcoin Trust, with a net inflow of $89.83 million, according to SoSoValue.
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