Good morning everybody.
Bitcoin is still doing what Bitcoin has been doing for the past several weeks: absolutely refusing to make up its mind.
We’re sitting around $64,500, everyone keeps talking about the next resistance around $68,500, and I’m over here thinking, can we just hold above $66,000 for more than a day?
Until then, all the moon predictions on YouTube are just noise.
Let’s get into today’s news.
Core Scientific Is Becoming an AI Infrastructure Company
Core Scientific reported $164.2 million in second-quarter revenue, more than doubling last year’s $78.6 million.
The bigger announcement, though, was its new partnership with AMD.
Beginning in 2027, the deal covers 530 megawatts of AI infrastructure across multiple U.S. sites with the potential to expand to 2.5 gigawatts. If fully built out, the contract could generate more than $14 billion in contracted revenue over fifteen years.
At first glance, this looks like an AI story.
I actually think it’s a Bitcoin story.
AI Is a Lifeboat for Miners
I’ve been saying this for weeks.
Bitcoin miners aren’t abandoning mining because AI is the future. They’re doing it because Bitcoin is in a bear market and they need revenue.
AI gives them a way to monetize computing power while mining margins are compressed.
But I don’t think this lasts.
Bitcoin is unique because it rewards additional hash rate. AI is the exact opposite. Every customer wants inference costs and token prices to keep falling. The industry is racing toward cheaper compute, not more expensive compute.
Eventually, when Bitcoin enters another bull market and mining becomes significantly more profitable again, I think a lot of this infrastructure shifts right back.
Mark my words.
For many miners, AI isn’t the destination.
It’s the bridge.
Tokenized Assets Continue Exploding
A CoinGecko study found tokenized traditional assets listed on centralized exchanges grew from roughly $1.4 billion in January 2025 to approximately $6.6 billion by June 2026.
Early growth came primarily from tokenized precious metals.
Now, tokenized U.S. stock perpetual futures have overtaken metals in both trading volume and open interest, fueled largely by semiconductor stocks and IPO speculation.
This is another sign that crypto infrastructure is gradually becoming financial infrastructure.
Emirates Begins Accepting Crypto Payments
Eligible UAE residents can now purchase Emirates flights using Crypto.com Pay.
Bookings continue to be priced in UAE dirhams, while Crypto.com handles the cryptocurrency conversion behind the scenes.
Mobile users authorize payments directly through the Crypto.com app, while desktop users complete purchases by scanning a QR code during checkout.
For now, the service is limited to qualifying UAE customers, with no announcement regarding broader international expansion.
Binance Runs Into MiCA Regulations
Binance’s Android application has disappeared from Google Play in several European countries after the company withdrew its MiCA application in Greece following the European Union’s transition deadline.
Binance also informed some European customers that certain services would become unavailable while withdrawals would continue.
This is exactly how regulation affects markets.
Sometimes those rules improve consumer protection.
Sometimes they simply reduce consumer choice.
Whatever the intent, there are always companies and customers caught in the middle when new regulatory frameworks take effect.
trade.xyz Covers Customer Liquidation Losses
trade.xyz announced it will reimburse eligible customers after an unexpected pricing anomaly affected its SK Hynix perpetual market.
The mark price suddenly dropped from approximately $1,127.90 to $917.25 after receiving data from multiple independent providers.
The company maintains its oracle functioned correctly but will make a one-time discretionary reimbursement to impacted traders.
Apple Faces Lawsuit Over Fake Bitcoin Wallet
Apple is being sued by three customers who collectively lost approximately $1.8 million after downloading a fake Sparrow Wallet application from the App Store.
The legitimate Sparrow Wallet has never released an official iOS application, and its developer had previously warned users about fraudulent copies appearing on Apple’s marketplace.
Normally, I’m a believer in buyer responsibility.
This one’s different.
Apple built its entire App Store around the promise that users don’t have to constantly verify every application themselves. That’s part of what you’re paying for.
If Apple is taking a significant percentage of every transaction because it claims to review and verify applications, then that review process needs to actually work.
Consumers shouldn’t lose nearly $2 million because a fake wallet made it through Apple’s approval process.
Tether Expands Into Kenya
Tether signed a memorandum of understanding with the Nairobi Securities Exchange to explore tokenized securities, blockchain-based market infrastructure, and potential use of USDT as a settlement layer.
The agreement includes evaluating Tether’s Hadron tokenization platform, instant settlement systems, and broader digital asset education initiatives, subject to Kenyan regulatory approval.
Crypto Prices
Bitcoin: $64,487
Ethereum: $1,900
Tether: #3
BNB: $569
USDC: #5
XRP: $1.07
Solana: $73.63
TRON: $0.326
Hyperliquid: $55.27
Dogecoin: $0.07
Bitcoin Market Cap: $1.3 trillion
Total Crypto Market Cap: $2.2 trillion
My Take
Today’s biggest story isn’t that Bitcoin is going sideways.
It’s that the industry continues to evolve underneath the price.
Miners are temporarily becoming AI companies because that’s where the money is today. Traditional assets are moving onto blockchain infrastructure. Airlines are accepting crypto payments. Governments are regulating access in Europe. Stablecoins are expanding into new markets.
Meanwhile, Bitcoin itself is still sitting around $64,000.
Perspective matters.
If you bought at $120,000, you’re frustrated.
If you bought at $20,000, you’re thrilled.
If you bought at $1,000, you’re wondering why anyone is complaining.
Crypto has always depended on where you entered the cycle. Right now may feel slow, but historically speaking, a $64,000 Bitcoin is still an extraordinary place for this market to be.
Happy Hodling, Everyone.