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First Mover Americas: Crypto Markets Reel on Geopolitical Risk
The latest price moves in crypto markets in context for Aug. 1, 2024.
Aug 1, 2024, 12:01 p.m.
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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.
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Crypto prices were firmly in the red following the Fed's decision on Wednesday to leave interest rates unchanged. Cautious comments from Chair Jerome Powell on the possibility of a rate cut in September were compounded by escalating tensions in the Middle East. Iran's leaders ordered retaliation against Israel for killing Hamas leader Ismail Haniyeh in Tehran, which may also have spooked investors and traders. Bitcoin traded around $64,500 during the European morning, about 2.5% lower than 24 hours ago. The broader digital asset market has dropped nearly 4.24%, as measured by the CoinDesk 20 Index (CD20).
Bitcoin miner Riot Platforms' second-quarter loss trebled to more than $84 million, or $0.32 per share. Selling, general and administrative expenses rose to $61.2 million, more than half of which comprised stock compensation expenses related to new grants under a long-term incentive program. The net loss for the quarter also included a $76.4 million drop in the fair value of bitcoin it holds. April's Bitcoin halving, which cuts the reward miners receive for adding new blocks to the blockchain by 50%, reduced the number of bitcoin Riot produced during the quarter. The company mined 844 BTC, 52% less than in the year-earlier period.
Ripple will allocate $10 million to a tokenized version of U.S. Treasury bills (T-bills) that will become available on the XRP Ledger for the first time. The short-term U.S. government debt is being issued as TBILL tokens by the tokenization platform OpenEden. Assets backing the tokens will be invested in short-dated U.S. Treasuries and reverse repurchase agreements collateralized by U.S. Treasuries. The tokenization of tangible real-world assets and traditional financial securities is a growing sector of the crypto industry. It allows traditional assets, especially private and alternative assets, to be issued, managed, and distributed in a way that is considered more efficient than their off-chain counterparts.
Chart of the Day
- The chart shows the most active bitcoin options on Deribit in the past 24 hours.
- Traders are taking another look at call options at the $100,000 strike expiring in September and December, indicating a bullish outlook.
- Bitcoin failed to break above $70,000 on Monday and has since retreated to under $64,500.
- Source: Velo Data
- Omkar Godbole
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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.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
Lo que debes saber:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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