Bitcoin held near $63,000 on Saturday as corporate selling and a delayed US regulatory decision offset gains across equity markets. Galaxy Digital CEO Mike Novogratz pointed to persistent US fiscal shortfalls as his reason to stay bullish, while most altcoins closed the week lower.
Bitcoin traded at $63,000 on Saturday, little changed over the past 24 hours, as corporate selling and a delayed US regulatory decision offset strength across equity markets. Its failure to follow US stocks to record highs pointed to crypto-specific pressure rather than a broader retreat from risk assets.
The token fell as low as $62,538 during the session, having earlier touched $63,165.
Selling pressure meets delayed SEC action
Strategy, the largest corporate holder of Bitcoin, sold 1,690 tokens worth about $108.6 million, adding supply to a market already struggling to regain momentum. Sentiment also weakened after the Securities and Exchange Commission postponed a planned innovation exemption for tokenisation projects, extending uncertainty over blockchain-based financial products.
Technical analysts are watching $63,220 as a key weekly level; a close below it could turn former support into resistance. Investors are also awaiting US personal consumption expenditures inflation data on August 26 for signals on interest rates.
Elsewhere, the Office of the Comptroller of the Currency granted preliminary conditional approval for World Liberty Trust Company to operate as a national trust bank, letting the Trump-linked firm assume issuance and custody of the USD1 stablecoin from BitGo. The approval drew criticism from Democratic lawmakers concerned about President Trump's crypto interests.
Novogratz ties his bull case to US deficits
Galaxy Digital CEO Mike Novogratz stayed bullish on Bitcoin even as crypto market enthusiasm remained muted, pointing to persistent US fiscal shortfalls. He cited data showing the federal government took in $334 billion but spent $766 billion in July, a $432 billion deficit for the month.
According to The Daily Hodl: "It's the govts inability to deal with its spending addiction that keeps me bullish BTC". He also linked the growing debt to inflation across many sectors over the past decade, adding that the bond market would eventually force fiscal discipline.
Altcoins mostly lower for the week
Broader crypto prices were largely lower on Friday, with Bitcoin leading the decline. Ether fell 0.5% to $1,869.14, down 2% for the week. XRP shed 0.9% and slipped 2.6% for the week.
Solana and BNB bucked the trend, gaining 1.7% and 2.3% respectively. Cardano slumped nearly 11% for the week.
Sources: Cryptocurrency News, The Daily Hodl
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