BTCBitcoin Price

According to research from Galaxy, the movement of long-dormant Bitcoin reached its lowest level in four years during the second quarter, indicating a significant reduction in selling pressure from long-term holders. The metric "coin days destroyed," which emphasizes older coins, showed a similar decline. Analyst Alex Thorn noted that earlier spikes in activity were driven by veteran holders, or "OGs," taking profits, mirroring patterns from the 2017 bull market. The current low level of dormant coin movement suggests these long-term investors have largely slowed their distribution after a period of elevated selling in 2024 and 2025, opting instead to hold their assets.

On the same day that cryptocurrency derivatives platform BitMEX announced its impending shutdown, it was hit with a class action lawsuit in New York federal court. Plaintiffs BKX Services Inc. and David Namdar accuse BitMEX of fraudulently engineering customer liquidations to seize Bitcoin collateral, alleging combined losses of over 622 BTC. The complaint claims BitMEX operated an internal trading desk with unfair advantages, including access to private customer data and the ability to trade during server freezes that locked out regular users, thereby profiting from forced liquidations. BitMEX has dismissed the lawsuit as an opportunistic claim without basis, vowing to defend itself vigorously. The legal action revives long-standing allegations against the platform and coincides with its owner's decision to cease all services on September 23, following a strategic review.

Bitcoin investor Charles Edwards argues that Bitcoin's price could rise "very quickly" if core developers publicly commit to a roadmap to defend the network against future quantum computing attacks. He states the current uncertainty over this threat has created a significant risk discount in Bitcoin's price, which he estimates is about 40% below its fair value, with quantum risk accounting for roughly a 30% discount. Edwards believes a clear plan from developers would alleviate investor fears and act as a positive catalyst. While some in the community resist major changes, Edwards warns the risk could grow if developers fail to act before 2030, especially as Ethereum plans its own quantum-resistant upgrade by 2029.

A Bitcoin expert, Quantum Xchange CEO Eddy Zervigon, has called Bitcoin the "canary in the coal mine" for the threat posed by quantum computing. He warns that cryptocurrencies and blockchain protocols will likely be the first to face practical attacks from quantum computers capable of breaking the elliptic-curve cryptography securing Bitcoin signatures and traditional banking. Zervigon notes that major tech companies like Microsoft and IBM are targeting commercially and cryptographically significant quantum systems by around 2029. Recent research from Google has reduced the estimated quantum computing power required to attack Bitcoin, suggesting the threat is closer than previously thought. Additionally, the U.S. Department of Energy's goal to build a powerful quantum computer within three years and new federal mandates to adopt post-quantum cryptography are increasing the urgency. A key vulnerability for Bitcoin, according to a Deutsche Digital Assets report, is not the cryptography itself but the slow, decentralized decision-making process for protocol upgrades. This contrasts with traditional financial institutions, which can act swiftly. Academic research confirms that achieving the necessary 90% consensus among miners for a post-quantum upgrade would be challenging, as past significant changes like SegWit in 2017 have led to contentious hard forks.

This week is critical for Bitcoin and altcoins, as all eyes turn to the Federal Reserve's (Fed) July interest rate decision. The Fed is set to announce its decision on Wednesday, July 29th, at 21:00 Turkey Time (GMT+3). Following the announcement, new Fed Chair Kevin Warsh will hold a press conference at 21:30. Markets currently expect the Fed to hold interest rates steady in July, with probabilities at 66.3% for no change and 33.7% for a 25-basis-point hike. This follows the Fed's decision in June to leave rates unchanged at 5.25-5.50%. Many experts anticipate the Fed will not raise rates for the rest of the year, citing limited inflationary impact from recent tariffs. Bitcoin, having surpassed $65,000 again, and global markets started the week positively after the de-escalation of U.S.-Iran tensions. However, investors will closely monitor the Fed's statement and Chair Warsh's comments for clues on future policy. Chief Economist Mark Zandi of Moody's Analytics stated he expects rates to remain unchanged this year and next, noting inflation has likely peaked. A significant source of uncertainty is the new Fed Chair, Kevin Warsh. Analysts note Warsh maintains a more opaque and less communicative style than his predecessor, Jerome Powell, preferring brief answers and offering fewer forward-looking signals. This shift in communication style makes policy predictions more difficult and could lead to increased bond yield volatility as markets parse his words for hints.