Bitcoin hovers at 63k.... 💚
Bitcoin traded just under $63,000 on Sunday, as Strategy Chairman Michael Saylor argued in a post on X that the cryptocurrency should be understood as “digital monetary energy."
The world’s largest crypto was last down 0.4% to $62,907.2 by 18:12 ET (22:12 GMT), having oscillated within a narrow range of $62,805.1 to $63,369.3.
Saylor described money as a technology for storing and transferring the economic value created through labour, intelligence, time and natural resources. He argued that monetary systems should be judged by how well they preserve that value across time and distance.
Gold historically filled this role through its durability and scarcity, but its physical form incurs transportation, storage, authentication, and custody costs, he said.
Fiat currencies improved portability but introduced political risks, including inflation, account restrictions and supply expansion controlled by governments and central banks.
Bitcoin attempts to address both weaknesses through a fixed supply, decentralised network and cryptographic ownership. Saylor said its proof-of-work system connects digital property to physical energy by requiring miners to expend computing power to secure the network.
Its capped supply remains a central part of that thesis. About 20.07 million of the maximum 21 million Bitcoin have been mined, leaving roughly 929,465 tokens.
Programmed halvings will continue slowing issuance, with the 2028 event expected to reduce daily production from 450 to 225 Bitcoin. The final token is projected to be mined around 2140, forcing miners to rely increasingly on transaction fees.
Institutional activity also drew attention. UBS increased call-option exposure tied to BlackRock’s iShares Bitcoin Trust more than 24-fold during the second quarter to 1.95 million underlying shares, CoinDesk reported.
The bank raised its direct IBIT holdings by 12% to 407,890 shares, while put exposure fell 53%. Missing strike prices and expiration dates make its net directional position unclear, as the trades could reflect client activity, hedging or market-making.
Separately, Binance will restrict transactions involving HTX and 10 other crypto platforms for UK and European Union users from August 23. HTX adviser Justin Sun said the exchange does not operate in those regions and would help affected customers resolve compliance reviews.
Crypto prices today: altcoins mostly lower
Looking at broader crypto prices, altcoins were mostly lower amid tight trading ranges, mirroring Bitcoin.
World no.2 crypto Ether shed 0.4% to $1,876.94.
World no. 3 crypto XRP declined 0.9%.
Cardano , BNB , and Solana slipped 0.6%, 0.8%, and 1.5%, respectively.
Among meme tokens, Dogecoin fell 0.4% and TRUMP lost 0.6%.
