Here’s another rewritten version with a more concise market-news style:
Blockchain investigator ZachXBT criticized hardware wallets as bitcoin held steady near $65,000 after South Korea’s central bank raised interest rates.
U.S. Economic Data Sends Mixed Signals
U.S. retail sales increased 0.2% in June, matching forecasts but slowing from May’s stronger 1% growth.
Core retail sales excluding autos fell 0.2%, missing expectations for a smaller 0.1% decline and reversing the previous month’s 1% increase.
Meanwhile, labor market data remained firm. Initial jobless claims dropped to 208,000 last week, beating estimates of 217,000 and improving from the prior week’s 216,000.
The Philadelphia Fed Manufacturing Index also surprised to the upside, rising to 41.4 in July from 10.3 in June, far above forecasts for a reading of 13.
Markets showed limited reaction to the data. Bitcoin remained near $64,100, while Nasdaq futures continued to trade about 0.9% lower.
Crypto Market Index Slips After U.S. Close
The CoinDesk 20 Index fell 1.1% from Wednesday’s U.S. market close, trading at 17,561.14.
Uniswap led gains among major tokens, rising 2%, followed by Stellar with a 1% increase. Bitcoin Cash dropped 2.9%, while Aave declined 2.2%.
Only three of the 20 assets in the index were trading higher.
Nasdaq Futures Drop as Investors Await U.S. Reports
Nasdaq futures declined 0.6% on Thursday, alongside a nearly 1% pullback in bitcoin.
Asian markets also weakened, with South Korea’s Kospi plunging more than 6% and Japan’s Nikkei falling nearly 2%.
The moves followed South Korea’s first interest-rate hike in more than three years, as policymakers warned inflation remains persistent.
Investors turned their focus to U.S. retail sales and jobless claims data for clues on whether the economy is slowing enough to ease inflation without triggering a deeper downturn.
Bitfinex Says Bitcoin Rally Lacks Strong Buying Support
Bitcoin’s rise toward $65,000 appears to be driven mainly by macro factors rather than strong crypto-specific demand, according to Bitfinex analysts.
The firm said June’s softer inflation data reduced expectations of a Federal Reserve rate hike in July, pushing the probability down to around 12% from 42%. Lower Treasury yields helped lift bitcoin alongside stocks and other risk assets.
However, analysts said the rally lacks confirmation from spot demand. U.S. spot bitcoin ETFs saw about $425 million in outflows on July 13, Strategy made no new purchases, and the Coinbase premium remained negative — pointing to weak U.S. institutional buying pressure.
Bitfinex described the move as “borrowed strength,” warning that gains driven mainly by macro developments may not last without steady accumulation from buyers.
Bitcoin Holds Around $65K After Korea Rate Increase
Bitcoin traded near $65,000 on Thursday after South Korea’s central bank raised rates by 25 basis points to 2.75%, marking its first hike in more than three years.
The Bank of Korea said inflation could remain elevated as higher energy costs continue to impact prices. South Korea’s annual inflation rate rose to 3.2%, the highest level since 2023.
The Korean won strengthened to about 1,480 per dollar after the decision, extending gains from roughly 1,560 two weeks earlier. Bitcoin remained stable against the won, with BTC/KRW trading above KRW 94.96 million on Upbit.
South Korea continues to rank among the world’s most active crypto markets, with retail traders playing a major role in driving speculative activity.
ZachXBT Questions Hardware Wallet Security
Crypto investigator ZachXBT took aim at hardware wallets, arguing that current solutions are not reliable enough for securing large crypto holdings or approving sensitive transactions.
He said existing hardware wallet products fall short in both security and usability, making them unsuitable for high-value operations.
ZachXBT suggested using a dedicated iPhone configured only for crypto signing as an alternative, claiming it could offer greater control and fewer vulnerabilities.
He specifically criticized Ledger, pointing to frequent Ledger Live updates that change interfaces and applications while sometimes disrupting basic functionality.
The comments triggered discussion across crypto social media, with users debating the strengths and weaknesses of different hardware wallet solutions.
