Bitcoin Slips Below $63,000 as Coinbase Earnings Miss, Rate-Hike Fears Weigh on Crypto Sentiment

Bitcoin slid below the $63,000 mark on Friday, touching a two-week low as a confluence of negative catalysts — disappointing earnings from Coinbase Global Inc., a surprise vote by three Federal Reserve board members to raise interest rates, and waning optimism over a key crypto bill — sapped risk appetite across digital assets.

The world’s largest cryptocurrency was trading at $62,972, down 2.04% in the past 24 hours, according to data from CoinMarketCap. On Nasdaq, Bitcoin was quoted at $62,929.27 as of 4:30 p.m. ET on July 31, a 2.9% decline. Ethereum fell 2.8% to $1,866.57, while Solana dropped 2.0% to $73.04.

The global crypto market capitalization edged down 1.44% to $2.16 trillion, CoinMarketCap data showed.

Coinbase Earnings Disappoint, Stock Tumbles

Shares of Coinbase Global fell more than 10% following the release of quarterly results that missed analyst expectations, according to Nasdaq. The Economic Times reported that Coinbase posted its third straight quarterly loss, largely due to low crypto trading revenues. The stock has matched Bitcoin’s decline this year, falling nearly 28% — a drop that mirrors Bitcoin’s loss of a little over 27% in 2026, the Economic Times noted.

“Bitcoin slipped below the $63,000 mark on Friday amid fading optimism surrounding U.S. crypto legislation and weaker-than-expected earnings from Coinbase Global Inc. and Strategy Inc., signaling that speculative investors are pulling back from the market,” said Piyush Walke, Derivatives Research Analyst at Delta Exchange, as quoted by the Economic Times.

Fed Rate-Hike Vote Adds Pressure

Adding to the bearish tone, three Federal Reserve board members voted to raise interest rates at the central bank’s July meeting, according to Nasdaq. The move dampened expectations that the Fed would cut rates, a factor that had previously supported risk assets including cryptocurrencies.

The Economic Times reported that the crypto market lost significant value in recent sessions as expectations of rate cuts faded and investors pulled money from spot exchange-traded funds.

Crypto Legislation Hopes Fade

Doubts are growing that lawmakers will pass the much-anticipated Clarity Act — a bill aimed at providing a regulatory framework for digital assets — before the summer recess, Nasdaq reported. The narrowing legislative window has contributed to the shift in sentiment.

Mixed Institutional Flows

Despite the price slide, spot Bitcoin ETFs recorded positive inflows of $233 million on Thursday, according to Nasdaq. The iShares Bitcoin Trust ETF remained dominant, increasing its assets under management by $183 million.

In a sign of growing institutional adoption, Banco Santander disclosed that it held $4.31 million in shares of the iShares Bitcoin Trust ETF and approximately $3.54 million in the iShares Ethereum Trust ETF, Nasdaq reported.

Broader progress continues: Morgan Stanley launched new crypto ETFs this week, helping the sector pull away from a disastrous June, Nasdaq noted. Bitcoin still managed a 4.3% gain in July, while the Nasdaq Composite fell 3.2% over the same period.

Analyst Views: Caution Dominates

Nischal Shetty, Founder of WazirX, said crypto markets remained cautious this week as investors balanced improving geopolitical conditions with uncertainty over the Fed’s policy outlook. “Institutional flows remained mixed, with Bitcoin ETF outflows highlighting short-term caution, while Ethereum continued to see accumulation interest,” Shetty said, as quoted by the Economic Times. “With the Fear & Greed Index in the Fear zone, traders are monitoring macro signals, liquidity conditions, and Fed commentary for the next market direction.”

Harish Vatnani, Head of Trade at ZebPay, noted that Bitcoin started the week on a positive note and rallied to $66,000 but failed to sustain gains, leading to profit-booking that pushed the price back toward $63,000. “Overall, the cryptocurrency market continues to reflect mixed sentiment amid ongoing global macroeconomic and geopolitical developments,” Vatnani said.

Broader Altcoin Moves

Among major altcoins, XRP, Solana, Tron, Hyperliquid, and Dogecoin corrected up to 6.53%, while BNB and Cardano rallied up to 1%, according to the Economic Times. On a weekly basis, XRP, Solana, Tron, and Hyperliquid corrected up to 9.76%, while BNB, Dogecoin, and Cardano gained up to 4.58%. Ethereum was up 0.48% in the past week, while Bitcoin was down 1.55%.

The crypto market is becoming increasingly sensitive to global liquidity conditions and trends in the technology sector, making August a crucial month that could determine Bitcoin’s next major directional move, Walke said.