NZD/CHF remains locked in a tight range as traders await the next monetary policy catalyst.
The Reserve Bank of New Zealand heads into Wednesday’s meeting on shaky ground. After May’s 3-3 split was resolved by a casting vote, the committee still lifted its rate path sharply, eyeing a 3.28% terminal rate by 2029. But the oil slide following the US-Iran truce has cut hike odds from over 80% to around 66-70%, splitting major banks between a hold and a further move.
Meanwhile, the Swiss National Bank holds firm at 0% for a fourth straight meeting. Switzerland’s challenge mirrors New Zealand’s in reverse: subdued inflation rather than overheating, leaving little room—or need—for tightening. The franc’s strength stems more from so-called safe-haven flows than rate differentials.
The result: NZDCHF caught between short-term RBNZ uncertainty and near-static Swiss policy, with direction hinging on Wednesday’s decision.
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Technical Analysis of NZD/CHF
NZD/CHF remains locked in a broader consolidation on higher timeframes, trapped between resistance at 0.4660-0.4690 and support at 0.4540-0.4560. Price is now compressing into a tighter triangle just below the 100-period EMA, which continues to cap upside as dynamic resistance.
Bullish Scenario
Fundamentally, a hawkish RBNZ surprise on Wednesday—hiking despite the oil-driven pullback in tightening expectations—would give the kiwi a strong tailwind. Technically, buyers first need to break the descending trendline capping price since late May, already rejected on several attempts. Once cleared, the decisive test becomes the 0.4660-0.4690 resistance zone. A genuine breakout would likely require both a strong NZD fundamental catalyst and confirming technical momentum.
Bearish Scenario
Conversely, a dovish hold—as several major banks now expect—could reignite downside pressure. Technically, sellers first need to break the ascending trendline price has leaned on in recent sessions, then push through the more significant 0.4540-0.4560 support. Notably, the 100-period EMA continues to act as reliable dynamic resistance, keeping price capped beneath it and reinforcing the bearish structure until proven otherwise.
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Two central banks, two opposite stories: RBNZ still weighing when to tighten, SNB content to sit still. Wednesday’s decision could finally break this narrowing range — will the kiwi’s rate case win out, or does the franc’s quiet resilience hold firm?
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Ripple announced minutes ago that it has received full authorization as a Crypto Asset Service Provider (CASP) from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).
This allows the company behind XRP to offer its regulated crypto payments platform throughout the European Economic Area (EEA).
The statement from the company indicates that this approval follows the firm’s preliminary authorization announced in June and confirms that it is fully compliant with the EU’s Markets in Crypto-Assets (MiCA) framework.
Consequently, Ripple can now provide its end-to-end crypto payments solutions to financial institutions, corporations, and businesses across all 30 EEA countries under a single regulatory framework.
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Ripple’s Managing Director for Europe and the UK, Cassie Craddock, weighed in on the major authorization, indicating that it positions her firm to expand its presence in the region as demand for regulated digital asset infrastructure continues to grow.
“This CASP authorization means Ripple enters the post-transitional MiCA era fully compliant and ready to scale. The institutions we work with across Europe are looking to build their digital asset services alongside regulated partners, and Ripple is licensed and ready to meet that demand,” she concluded.
The announcement noted that Ripple has now joined a very small number of cryptocurrency firms to have the full authorization under MiCA. Moreover, its portfolio of regulatory licenses has grown to over 75.
Bitcoin’s price jumped to $64,000 earlier today for the first time in roughly two weeks, but it was rejected there and now sits over a grand lower.
Most larger-cap alts have remained relatively stagnant on a daily scale. Pi Network’s PI token continues to flirt with its all-time low levels and is very close to charting a fresh one.
BTC Progress Stopped at $64K
June was quite brutal for the primary cryptocurrency, which only continued its losses that began from the mid-May rejection at $83,000. The sixth month of the year ended with a substantial 20% decline, making it the worst in exactly four years.
July began with another dip that pushed the asset to under $58,000 for the first time since October 2024. However, the bulls finally reemerged at this point and helped BTC recover some ground in the following days.
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The actual rebound attempt was quite gradual and appeared healthy. Bitcoin quickly climbed past $60,000 and kept increasing swiftly in the following days, including during the weekend. The culmination, at least for now, took place earlier this morning when it tapped $64,000 to chart a two-week peak.
However, it was halted there and now sits below $63,000 after losing well over a grand. Its market cap is inches below $1.260 trillion on CG, while its dominance over the alts remains above 56%.
BTCUSD July 6. Source: TradingView
Another ATL Coming for PI?
The stagnation within the larger-cap altcoins continues as most have failed to post any significant moves in either direction. ETH, BNB, SOL, XRP, and TRX are up by up to 1%, while ZEC and ADA are down by 2%. HYPE and XLM have gained the most – 2.5% and 3.6%, respectively – while RAIN has dropped by 3%.
DEXE and LIT are the top gainers from the mid- and lower-cap alts. Both have risen by double digits, and the latter has solidified its spot in the top 100 alts by market cap.
In contrast, Pi Network’s native token continues to underperform and now sits just 1% away from its all-time low marked in late June. The token has consistently lost value and is well below $0.115 as of press time.
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Cryptocurrency Market Overview July 6. Source: QuantifyCrypto
The Digital Asset Market Clarity Act missed the July 4 signing deadline that White House crypto adviser Patrick Witt had floated in May, and the bill is now operating on a hard four-week runway before the Senate breaks for summer recess on August 7.
The bill is not dead, but the calendar math is unforgiving, and the ethics standoff that has blocked Democratic votes remains unresolved.
The CLARITY Act has traveled further than any previous crypto market structure effort. The House passed it in July 2025 by 294 to 134.
The Senate Banking Committee advanced the bill on May 14 by 15 to 9, and it was placed on the Senate Legislative Calendar under General Orders on June 1, technically eligible for floor action. What it is not eligible for is skipping the 60-vote cloture threshold, and Republicans cannot reach 60 alone.
The latest update is that the original target of getting the CLARITY Act signed by July 4 has now been missed, pushing the bill into a much tighter legislative window. While much of the Senate-side coordination can still move forward behind the scenes during the summer recess,… https://t.co/FMoVcO0dXl
Only two Democrats voted for the bill in committee: Ruben Gallego of Arizona and Angela Alsobrooks of Maryland. Getting from two to seven or more Democratic floor votes requires resolving the conflict-of-interest provision, then filing cloture, then burning the better part of a Senate work week on debate and passage, all before August 7.
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After that, the fall calendar is dominated by the NDAA and appropriations fights, and midterm campaigning makes bipartisan deal-making structurally harder. The August recess deadline has been visible for months; the bill simply hasn’t closed the gap.
Trump’s $1.4 Billion Disclosure Gives Democrats a Talking Point, Not New Leverage
President Trump’s annual financial disclosure revealed roughly $1.4 billion in crypto-linked income for 2025, spread across memecoin royalties, World Liberty Financial token sales, and other streams, plus disclosed crypto holdings exceeding $100 million.
Senator Elizabeth Warren, the ranking Democrat on Banking, responded that any bill reaching the floor must stop officials and their families from “profiting off the crypto industry.” Gallego said he would do “everything I can” to crack down on what he called corrupt dealings, a reminder that his committee vote was never a floor guarantee.
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The disclosure doesn’t change the underlying negotiation. Democrats already wanted the ethics language before the number was public; the number gives them a sharper headline, not additional deal leverage.
Photo: Donald Trump
The White House position, as Witt has framed it, is acceptance of rules applying “across the board” but rejection of anything singling out one officeholder. That standoff predates the disclosure and will have to be resolved on the same terms regardless. Concerns about crypto profits by administration officials have drawn scrutiny beyond just this bill; conflicts around senior officials and digital asset holdings have become a recurring theme in Washington.
Compounding the Democratic asks, a recent Supreme Court ruling that the president can fire independent-agency commissioners at will has undercut one Democratic demand in the SEC and CFTC negotiations, a bipartisan commissioner slate. If the president can dismiss those officials freely, the negotiated value of a bipartisan slate erodes before it’s even written into statute.
Ripple said Monday that Luxembourg upgraded its preliminary Crypto-Asset Service Provider (CASP) authorization under the European Union’s (EU) Markets in Crypto-Assets (MiCA) regulations to a full license. The approval clears Ripple to provide cryptoasset services throughout the European Economic Area (EEA).
“This CASP authorisation means Ripple enters the post-transitional MiCA era fully compliant and ready to scale,” said Cassie Craddock, the company’s managing director for Europe and the U.K., in a statement.
The CASP license Ripple announced Monday makes the company one of a small number of digital asset firms to have full authorization under MiCA, which became law three years ago and came into full force on July 1. Crypto firms without a license must stop operating in the region. Ripple was granted a preliminary license in June.
Crypto exchange Binance is among thousands of other CASPs that failed to qualify in time. According to the rules, a firm licensed in an EU country can “passport” its services across the entire area.
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In February, Rippled secured full approval as an Electronic Money Institution (EMI) from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), a step that lets the company scale regulated payment services across the European Union.
South Korea’s media and communications review body said it will hear from Polymarket before deciding whether to take corrective action against the prediction market platform.
On Monday, the Broadcasting, Media and Communications Review Committee said it would allow Polymarket to submit its position before making a final decision on a corrective request regarding gambling concerns.
“We decided to provide an opportunity for Polymarket to submit its opinion to thoroughly verify the legality of Polymarket and the way the service is operated,” the committee said, according to a machine translation of the press release.
South Korea’s National Gambling Control Commission Act defines “illegal gaming business” to include providing online services that enable speculative gambling and gives regulators authority to monitor and combat such businesses.
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The review comes as Polymarket faces access restrictions in several jurisdictions. According to Polymarket, its platform is restricted in 33 countries, including the US, United Kingdom, France, Germany, Brazil, Singapore, Japan and Australia.
South Korea’s scrutiny moves from users to the platform
The review marks a shift in South Korea’s scrutiny of Polymarket from users to the platform itself. It also follows an earlier police probe into local Polymarket users over alleged illegal gambling linked to election-related markets.
On June 5, the Gangwon Provincial Police launched what was reportedly South Korea’s first illegal gambling probe into local Polymarket users. The investigation was requested by the National Police Agency, according to local media reports at the time.
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Under South Korea’s Criminal Act, gambling is punishable by a fine of up to 10 million won (about $6,500), while habitual gambling can carry up to three years in prison or a fine of up to 20 million won. Meanwhile, operating a gambling venue for profit is punishable by up to five years in prison or a fine of up to 30 million won.
South Korea’s Criminal Act. Source: Korea Legislation Research Institute
Polymarket says its restrictions are designed to comply with sanctions, local financial rules, gambling and prediction market laws, anti-money laundering requirements and Know Your Customer regulations.
The company also lists certain regions within otherwise accessible countries as restricted, including Alberta, British Columbia, Ontario and Quebec in Canada, as well as Crimea, Donetsk and Luhansk in Ukraine.
XRP price pushed above the $1.14 resistance area after buyers stepped in with heavy volume and bullish prediction. The token climbed from about $1.13 to $1.15 during the session. The strongest burst arrived late on July 5, when trading activity surged well above the daily average. Now comes the real test: whether $1.14 holds as support or slips back into resistance.
That breakout was not driven by technicals alone. Spot XRP ETFs recorded a ninth straight week of net inflows, showing institutional demand remains intact despite shaky market sentiment. At the same time, a wave of short covering added fuel, helping the price accelerate once key resistance finally gave way.
XRP ETFs, Coinglass
Meanwhile, the CLARITY Act still awaits Senate action after missing a vote before the congressional recess. That delays a potential regulatory catalyst, but it does not erase it. Until lawmakers return, traders will likely keep focusing on price action instead of political headlines.
The next few sessions should reveal whether buyers have enough conviction to defend recent gains. If $1.14 stays intact, momentum could carry XRP toward fresh highs. If not, this breakout may end up as another head fake, proving that markets still enjoy testing impatient traders.
XRP is trading around $1.14 after briefly testing the $1.16 area before sellers stepped in. That leaves $1.16 as the first hurdle bulls need to clear. Even so, several technical signals still suggest buyers are trying to regain control after breaking a short-term downtrend.
Meanwhile, resistance stands near $1.18, followed by $1.20 and $1.23. On the downside, support sits at $1.13, then $1.11 and $1.08. So far, the chart looks like it’s asking traders for patience instead of handing out easy wins.
The MVRV picture adds a little caution, as recent readings remain deeply negative, showing many holders are still sitting on unrealized losses. That often encourages selling as price rebounds toward break-even, although it has also marked reversal zones in previous cycles.
If XRP holds above $1.14 and reclaims $1.18 with strong volume, momentum could carry it toward $1.20 and $1.23. Otherwise, the token may spend a few sessions ranging between $1.13 and $1.18. It may not be exciting, but markets sometimes prefer a slow simmer before the next move.
A decisive close below $1.11 on rising volume would weaken the current setup. In that case, attention would likely shift to the $1.08 support zone. Until then, the bullish structure stays alive, even if it keeps making traders earn their optimism.
LiquidChain Eyes Early Positioning as XRP Tests Critical Support
XRP’s breakout narrative is real, but context matters. Even a move to $1.25 represents single-digit percentage upside from current levels. It’s meaningful for a swing trade, limited for a portfolio-shifting return.
Traders looking for asymmetric exposure during this institutional momentum phase are increasingly scanning early-stage infrastructure plays where price discovery hasn’t happened yet.
LiquidChain ($LIQUID) is a Layer 3 infrastructure project positioning as the cross-chain liquidity layer for the next build cycle. The core proposition: fusing Bitcoin, Ethereum, and Solana liquidity into a single execution environment, so developers deploy once and access all three ecosystems without bridge exposure or fragmented liquidity pools.
The presale is currently priced at $0.01477, with $888K raised to date across a Unified Liquidity Layer and Single-Step Execution architecture that addresses one of the most persistent UX problems in multi-chain DeFi.
LiquidChain presale is worth researching before the current raise phase closes.
In 2024, the world was fascinated by conversational AI. Millions of people spent hours asking chatbots to write emails, summarize reports, generate code, or create artwork. AI was viewed primarily as a digital assistant—powerful, but ultimately waiting for human instructions before taking action.
By 2026, that relationship will have fundamentally changed.
We are no longer simply talking to AI.
We are hiring it.
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Across decentralized finance (DeFi), autonomous AI agents are becoming active participants in the global financial system. These digital workers don’t sleep, don’t take vacations, and don’t wait for human approval before performing routine tasks. Equipped with their own Web3 wallets, they can execute trades, rebalance investment portfolios, provide liquidity, monitor market conditions, participate in governance, and negotiate with other AI agents—all without constant human supervision.
This represents one of the biggest paradigm shifts since the invention of blockchain itself.
The next generation of blockchain users won’t primarily be humans typing on keyboards. Instead, they’ll be intelligent software agents operating around the clock, making thousands of financial decisions every second.
While this future promises extraordinary efficiency, it also introduces a critical challenge that existing financial regulations were never designed to solve.
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The Identity Crisis of Autonomous Finance
Traditional finance depends heavily on identity verification.
Financial institutions perform Know Your Customer (KYC) checks before allowing users to move capital.
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The purpose is simple: every financial action must ultimately be linked to a legally accountable human being.
KYC has served this role for decades because financial systems assumed one basic truth:
Every account belongs to a person.
Autonomous AI changes that assumption completely.
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An AI trading agent has no passport.
It has no face.
It has no nationality.
It cannot sign legal documents.
It cannot appear in court.
It exists only as software running across a decentralized infrastructure.
Yet these agents are increasingly capable of controlling significant amounts of digital assets.
Imagine an AI managing a $50 million treasury across multiple blockchains. It continuously searches for yield opportunities, shifts liquidity between protocols, executes arbitrage strategies, and votes in decentralized governance.
If that AI accidentally exploits a vulnerability—or is manipulated into laundering illicit funds—who bears responsibility?
The blockchain only sees a wallet address.
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Regulators see an unidentified financial actor.
Current compliance frameworks simply don’t have an answer.
Why KYC Isn’t Enough Anymore
KYC was built for people.
It was never designed to verify autonomous software acting independently.
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Even if the developer behind an AI passes KYC, several unanswered questions remain:
Which AI model is operating?
Has the code been modified?
Who owns the agent today?
What permissions does it possess?
What financial actions is it authorized to perform?
Can it be audited after making thousands of autonomous decisions?
These questions concern behavior—not merely identity.
In autonomous finance, trust extends beyond knowing who created an agent.
We must also understand how that agent behaves.
Enter KYA: Know Your Agent
To address this emerging challenge, the crypto industry is developing a new compliance framework:
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Know Your Agent (KYA).
Rather than identifying only humans, KYA focuses on verifying autonomous digital entities while maintaining a clear connection to legal accountability.
Think of KYA as creating a digital identity passport for AI agents.
A verified AI agent could include:
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Cryptographically signed software identity
Verified developer credentials
Transparent ownership records
Permissioned operational limits
Audit trails of autonomous decisions
Reputation scores based on historical behavior
Continuous security monitoring
Regulatory compliance metadata
Instead of asking, “Who owns this wallet?”
KYA asks a more sophisticated question:
“Can this autonomous agent be trusted to operate safely within financial markets?”
One of KYA’s most important functions is preserving accountability.
AI may make decisions independently, but legal responsibility cannot disappear.
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Every autonomous financial agent ultimately needs a chain of accountability that links:
This creates a verifiable relationship between machine execution and human responsibility.
If an AI behaves maliciously, investigators can identify:
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Who deployed it
Who authorized it
What software version was running
Whether its permissions exceeded approved limits
Whether its behavior deviated from its intended purpose
Without these connections, financial systems risk becoming impossible to regulate.
Why This Matters for DeFi
Decentralized finance was originally built for permissionless human participation.
Soon, however, AI agents may outnumber human users.
Imagine thousands of autonomous liquidity managers competing across protocols.
AI market makers are continuously adjusting prices.
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DAO treasuries are governed by intelligent agents.
Cross-chain arbitrage bots negotiate directly with one another.
Tokenized investment funds managed entirely by AI.
This machine-driven economy could dramatically increase efficiency while reducing operational costs.
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But it also raises new risks:
Coordinated AI market manipulation
Autonomous flash loan attacks
AI-generated phishing operations
Self-replicating malicious agents
Untraceable financial fraud
AI collusion across multiple blockchains
Traditional compliance cannot adequately monitor this environment.
KYA provides the trust layer necessary for autonomous finance to scale responsibly.
Building Trust Without Sacrificing Decentralization
Critics often worry that stronger compliance means sacrificing decentralization.
KYA offers a more balanced approach.
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Instead of requiring every protocol to become a centralized gatekeeper, decentralized identity technologies can enable agents to prove trustworthiness cryptographically.
This may involve:
Decentralized identifiers (DIDs)
Verifiable credentials
Zero-knowledge proofs
Onchain reputation systems
Smart contract attestations
Cryptographic software signatures
In this model, AI agents can demonstrate compliance without revealing unnecessary private information.
Trust becomes programmable rather than bureaucratic.
The Road Ahead
The rise of autonomous AI is transforming blockchain from a network of human users into an economy of intelligent machines.
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This evolution demands more than faster blockchains or smarter algorithms.
It requires an entirely new model of digital trust.
KYC helped establish accountability in the age of human-driven finance.
KYA will help establish accountability in the age of machine-driven finance.
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The transition won’t happen overnight. Standards must be developed, regulations modernized, and technical infrastructure built to support verified autonomous agents. But the direction is becoming increasingly clear.
The future of Web3 won’t simply be decentralized.
It will be autonomous.
And in a world where AI agents execute transactions worth millions of dollars every minute, trust can no longer stop at verifying people—it must also verify the intelligent systems acting on their behalf.
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Conclusion
The conversation around artificial intelligence has evolved from interaction to delegation. As AI agents become active participants in decentralized finance, identity verification must evolve as well. Know Your Agent (KYA) represents more than a compliance upgrade; it is the foundation for a secure, transparent, and accountable machine economy.
The next chapter of blockchain won’t be defined solely by smart contracts or decentralized applications—it will be shaped by autonomous agents making real-time financial decisions on behalf of individuals, institutions, and entire ecosystems. Ensuring these agents are verifiable, auditable, and accountable will determine whether the AI-powered Web3 economy becomes a trusted financial revolution or an unregulated frontier.
The age of chatting with AI has ended. The age of trusting AI has begun.
A dormant Bitcoin address transferred 30 BTC worth about $1.88 million for the first time in almost 15 years.
Bitcoin address “1KV47” made its first outgoing transfer on Saturday since receiving 30 BTC in August 2011, blockchain data shared by Galaxy Research shows.
The address is among 39,069 listed in a New York lawsuit filed by “Noah Doe” and two Wyoming-based companies seeking ownership of dormant Bitcoin holdings. The case could test how inactive cryptocurrency holdings are treated under the state’s lost-property law.
The listed addresses include those widely associated with Bitcoin creator Satoshi Nakamoto and collectively hold an estimated 3.7 million BTC worth about $234 billion, according to Sani, founder of analytics platform Timechain Index.
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More dormant Bitcoin addresses tied to the New York lawsuit have been waking up, with 31 of them moving 17,527 BTC in June, up from five that transferred 4,834 BTC in February, according to Galaxy Digital head of research Alex Thorn.
Can dormant Bitcoin holdings be considered “lost” property?
On Friday, a defendant, identifying themselves as “John Doe 33,” who claims to control one of the dormant Bitcoin addresses, filed a motion to dismiss the lawsuit, arguing that Bitcoin addresses are merely data strings that cannot be sued.
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A New York court can adjudicate rights in intangible property, but it does not have the authority to convert public addresses into “found” property just because the plaintiff copied these addresses to a hard drive, Edwin Mata, lawyer and CEO of tokenization platform Brickken, told Cointelegraph.
He added:
The core flaw is that inactivity is not abandonment. Under property law, abandonment generally requires intent to relinquish rights, and a dormant Bitcoin address proves none of that.”
The Bitcoin addresses named in the lawsuit may also represent Bitcoin held in long-term cold storage, coins with lost keys, or simply a holder who refuses to move them. Without private keys needed to control the assets, the foundation of the lawsuit remains “very weak,” Mata said.
The supply of Bitcoin has been dormant for the past five and 10 years. Source: Bitbo
Bitcoin News: Dave Portnoy, founder of Barstool Sports, disclosed on Fox Business that he is sitting on millions in losses after buying Bitcoin near $100,000, and announced he will hold the position all the way to zero rather than sell again.
The declaration, made on Stuart Varney’s Varney & Co., crystallizes a behavioral pattern that has cost Portnoy heavily across multiple market cycles: buying near local highs, selling before rallies, and re-entering at higher prices.
DAVE PORTNOY: "I'M HOLDING BITCOIN TO ZERO" Barstool Sports founder Dave Portnoy says he is holding his Bitcoin no matter what. “I’ll hold this thing down to zero,” Portnoy told Fox Business. “I know if I sell it, it’s going to go nuclear again. I’d rather go down with the… pic.twitter.com/arGvhitqHT
BTC price peaked above $126,000 in October 2025 before halving to its current level around $62,870, according to CoinDesk data. Portnoy’s latest entry near the $100,000 level puts his unrealized loss at roughly 37% from cost basis, with the peak-to-trough drawdown from his buy point exceeding $60,000 per coin.
Portnoy did not soften the assessment when speaking to Fox Business host Stuart Varney. “Yeah, I got regrets. I bought the thing for $100,000. There’s nothing I’ve been wrong about more than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it tanks,” he said.
The self-diagnosis is unusually blunt for a public figure with a position still on the books.
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“I’m holding. I’ll hold this thing down to zero. I know if I sell it, it’s going to go nuclear again. I’d rather go down with the ship this time.”
Photo: Dave Portnoy
The logic is behavioral rather than analytical: Portnoy is not making a valuation case for Bitcoin; he is reacting to a personal track record of selling before every major rally. His commitment to hold to zero is, in effect, a forced discipline imposed by demonstrated inability to time exits correctly.
Portnoy’s history with Bitcoin reads as a case study in retail FOMO compounding. He first entered in late 2020 with approximately $2 million at around $11,000, then sold almost immediately, a position that would have returned roughly 6x had he held through BTC’s early 2021 run to $60,000.
He subsequently rebuilt exposure at higher prices, with his peak Bitcoin position reportedly reaching around $15 million before market declines cut that substantially.
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The latest cycle repeated the same dynamic at a higher dollar magnitude. Portnoy has publicly stated he exhausted most of his available cash, averaging down through the drawdown, and his BTC losses now run into the millions on an unrealized basis. His exact BTC holdings remain undisclosed.
Bitcoin (BTC)
24h7d30d1yAll time
The pattern, buy high, capitulate, re-enter higher, is precisely what distinguishes retail investors who underperform a simple buy-and-hold strategy across cycles.
Market timing failure at Portnoy’s scale illustrates the structural disadvantage most active traders face. Research consistently shows that retail investors who attempt to time entries and exits in volatile assets like Bitcoin generate returns well below passive holders over equivalent periods. The risks that accompany prominent Bitcoin holders who buy in size and then face sustained drawdowns are not unique to Portnoy, but his public commentary makes the behavioral traps unusually visible.
Bitcoin touched $63,882 overnight before retreating to around $62,900, per CoinDesk data. The 24-hour high of $63,900 held briefly before sellers pushed it back down.
Thursday’s U.S. jobs report came in weaker than expected, giving liquidity-sensitive assets a lift heading into the weekend.
A weakening jobs market makes a Fed hike less likely and gradually shifts the backdrop that pushed ETF investors out of bitcoin through June. That process takes time, and one print does not flip the setup. The July 14 CPI release is the next data point that could either extend the relief or further cap an early-July rally.
⟁https://t.co/vqvBcdSQYC pic.twitter.com/7Rwd3fVOGc
DAVE PORTNOY: "I'M HOLDING BITCOIN TO ZERO"
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