Cardano
Bitcoin Falls to $62,000 as Altcoins Weaken; Cardano Posts 15% Weekly Gain
Bitcoin's retreat from above $65,000 to near $62,000 triggered broad selling pressure across major altcoins, though Cardano bucked the downward trend with double-digit gains.
Bitcoin reversed its late-July rally, sliding toward $62,000 after reaching above $65,000 and erasing billions in market value within hours. The shift triggered a wider sell-off across the altcoin space, with Ethereum, XRP, Solana, and other tokens recording weekly losses. Total cryptocurrency market capitalization fell to approximately $2.22 trillion by August 2, while the altcoin segment contracted to roughly $964 billion.
Cardano diverged from the broader decline, with ADA advancing 15.3% over the week to trade near $0.1885. The outperformance stood out amid a market gripped by multiple pressures: the Federal Reserve held rates steady, geopolitical tensions escalated in the Middle East, and security concerns resurfaced after reports linked a Coldcard wallet vulnerability to the theft of roughly 594 Bitcoin from hundreds of users.
Policy uncertainty added to investor caution. While the CLARITY Act cleared the Senate Banking Committee, passage before the August recess appeared unlikely due to a crowded legislative calendar and unresolved disputes. The combination of regulatory delays, geopolitical risks, and technical deterioration deepened the sell-off.
Despite Cardano's weekly strength, the broader context remained challenging. Analysts noted that ADA still trades far below its 2021 peak and its December 2024 high, with buying interest concentrated in lower price bands.
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