Share this article
First Mover Americas: BTC Retreats From $60K
The latest price moves in crypto markets in context for July 12, 2024.
Updated Jul 12, 2024, 12:08 p.m. Published Jul 12, 2024, 12:08 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bitcoin traded around $57,000 during the European morning, following a pullback from the $60,000 resistance level on Thursday, a decline of 2.4% in the last 24 hours. The CoinDesk 20 Index (CD20) fell 2.3%. Bitcoin climbed above $59,000 on Thursday after the U.S. reported its first drop in consumer prices in four years, a positive sign for the prospect of an interest-rate cut by the Fed. Bitcoin's failure to maintain a sustained rally, despite positive macro news, suggests there is more price weakness ahead.
Iris Energy's Childress, Texas site is well suited for the company's focus on bitcoin mining even if analysts have determined it unsuitable for AI, Bernstein said in a report. IREN shares fell almost 14% on Thursday following a short-selling report by Culper Research which pointed out the site's flaws as a potential hub for AI and high-performance computing (HPC) purposes. “Iris Energy has not claimed it intends to retrofit its bitcoin mining site in Childress to AI,” Bernstein analysts led by Gautam Chhugani wrote. The broker estimates 65% of the company's value is derived from bitcoin mining and the remaining 35% from AI/HPC. Iris Energy’s current $1 million/megawatt capital expenditure metric is a reflection of bitcoin mining capex, the broker said. Comparing it to AI/HPC capex is not meaningful.
Partior, a blockchain payment joint venture of banking giants JPMorgan, DBS and Standard Chartered, has raised $60 million in Series B funding. The investment was led by Peak XV Partners with contributions from Valor Capital Group and Jump Trading Group. Partior aims to establish unified blockchain-based interbank payment rails for instant clearing and settlement. Using blockchain-based technology to expedite such banking processes is now fairly commonplace. JPMorgan's Onyx network has settled hundreds of billions of dollars of transactions since going live a few years ago. Last month, Fidelity used Onyx to tokenize shares in a money market fund.
Chart of the Day
- XRP's bitcoin-denominated price (XRP/BTC) is up for the third straight day and at the highest in two months.
- On Thursday, CME and CF Benchmarks announced the debut of indexes and reference rates for XRP and .
- Brad Garlinghouse, the CEO of blockchain payments firm Ripple Labs Inc., said the benchmark reference rates will boost institutional adoption.
- Source: TradingView
- Omkar Godbole
Trending Posts
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Більше для вас
Lighter trading platform sees $250 million withdrawn 24 hours after airdrop
Bubblemaps CEO says outflows seen on Lighter on Dec. 31 are not uncommon as users rebalance hedging positions and move on to the next farming opportunity.
Що варто знати:
- Approximately $250 million was withdrawn from Lighter after its $675 million LIT token airdrop.
- The withdrawals represent about 20% of Lighter's total value locked, according to Bubblemaps CEO Nicolas Vaiman.
- Large withdrawals post-token generation events are common as early participants exit, says CertiK's Natalie Newson.
Top Stories
