- Bitcoin falls to $62,984 as total crypto market cap rises to $2.16 trillion.
- Trump orders new Iran strikes as Strait of Hormuz passage is suspended.
- Amazon surges 15.2% on earnings while Apple crashes 10% on soft guidance.
Bitcoin traded near $62,984, down 1.90% over the past 24 hours and down 1.66% for the week, while Ethereum fell 1.80% to trade around $1,868, off 0.52% weekly. XRP slipped to $1.06, down 2.44% for the week, and Solana eased to $73.02. Hyperliquid’s HYPE token dropped 4.65% to $52.29.
Total crypto market capitalization stood at $2.16 trillion, down 1.49% over the past day.
Trending Searches
Giggle Fund led trending searches with a 50.3% surge over 24 hours, while Pudgy Penguins gained 1.9% and Ethena slipped 0.8%. The wide spread between Giggle Fund’s rally and Ethena’s decline shows continued speculative rotation into smaller, thinly traded tokens.
Trump Orders New Iran Strikes as Hormuz Tensions Escalate
US officials confirmed Trump has ordered a new round of strikes on Iran aimed at forcing Tehran’s surrender, with action expected to begin as early as this weekend and continue for several days.
Iran’s Persian Gulf Strait Authority separately announced a suspension of passage through the Strait of Hormuz, though US Central Command disputed Iran’s claim that the waterway had been closed, stating thousands of ships have passed through in recent months and the strait remains open to commercial traffic.
Tech Earnings Deliver a Volatile Session
Amazon shares surged 15.2%, their largest single-day gain since 2012, after strong quarterly results, while Apple fell as much as 10% intraday, its steepest drop since April 2025, after guiding fiscal fourth-quarter revenue growth of 9% to 11%, below the 12.1% consensus estimate. The moves came alongside a broader reversal in chip stocks, with the Philadelphia Semiconductor Index nearly erasing an earlier 5% intraday gain as SanDisk, Micron, and SK Hynix all turned lower.
Amazon separately disclosed it invested $11.3 billion in Anthropic and $13.7 billion in OpenAI during the second quarter, with a financing agreement allowing up to $20 billion in total Anthropic funding.
Coldcard Vulnerability Losses Confirmed Above $70 Million
Galaxy Research confirmed that 1,196 addresses were completely emptied in the Coldcard entropy vulnerability incident, totaling 1,082.65 BTC, worth over $70 million, in an attack that unfolded within 41 minutes, roughly 30 hours before Coldcard issued a public warning. PeckShield separately reported the crypto industry suffered 30 major hacks in July with total losses of $210.3 million, up 177% from June, marking the sector’s worst month of the year. Coldcard has since released patched firmware for Mk3 devices to address the underlying seed entropy flaw.
Clarity Act Negotiations
Senator Cynthia Lummis said the bill’s current text requiring Trump to sell his digital assets or place them in a blind trust has become a key negotiating focal point, with some Democrats reportedly concerned the provision could blunt their “crypto corruption” messaging ahead of the midterms. Strategy publicly voiced support for the bill, saying a stable regulatory framework would encourage broader institutional adoption.
Institutional and Corporate Developments
Tether reported Q2 net profit of $1.5 billion, with USDT issuance reaching approximately $184.6 billion and gold reserves rising above 146 tons. Circle secured a New York limited-purpose trust charter to strengthen its USDC compliance framework. A wallet suspected to belong to BitMine purchased 104,600 ETH worth roughly $19.48 million, while a Fidelity-linked wallet moved 260,000 ETH, worth about $499.55 million, across three addresses.
South Korea’s crackdown on leveraged ETFs showed immediate effect, with trading volume across affected products plunging 75.3% on the first day of new restrictions.
Related: Coldcard Wallet Vulnerabilities Explained: What Bitcoin Users Need to Know
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