Live: Bitcoin Under Pressure as Oil Surges and Treasury Yields Rise -

Oil pushes higher, adding inflation pressure: WTI crude moved above $82 a barrel, increasing concerns about inflation and putting additional pressure on risk assets as Treasury yields climbed.
U.S. retail sales fall unexpectedly: Retail sales dropped 0.6% in July, according to government figures, sharply missing economists’ forecast for a 0.1% increase. June sales had posted a 0.2% gain.
Core retail sales also weaken: Excluding automobiles, retail sales declined 0.3% last month, compared with expectations for a 0.2% increase. The measure had fallen 0.2% in June.

Investors had already been preparing for a disappointing retail sales report because major retailers can access credit card spending information well before the government publishes its figures. That helped limit the immediate market reaction.

Even so, the weaker consumer spending data add to evidence that the Federal Reserve may not need to take a more aggressive approach to monetary policy.

Kraken Parent Reports Revenue Increase

Payward, the parent company of crypto exchange Kraken, generated $508 million in adjusted revenue in the second quarter, representing a 17% year-over-year increase.

Adjusted EBITDA declined 71% to $23 million from $80 million a year earlier.

The number of funded accounts rose 42% to 6.6 million, while assets held on the platform reached $40 billion. Payward also reported roughly $400 million in deposits for its DeFi Earn Bitcoin Vault.

The company said weaker spot trading across the crypto industry was offset by stronger demand for futures, equities and tokenized equities. Payward also increased its spot market share for the third consecutive quarter.

U.S. Debt Moves Toward $40 Trillion

The U.S. national debt has reached nearly $39.91 trillion, according to the U.S. Debt Clock, putting it less than $100 billion away from the $40 trillion threshold.

30-Year Treasury Auction Sets 2001-Era Yield Record

The U.S. Treasury sold $25 billion of 30-year bonds Thursday at a yield of 5.22%, according to the Financial Times.

The result marked the highest yield on the maturity since August 2001, when it reached 5.52%.

Strive and Strategy Preferred Shares Rebound

Strive’s perpetual preferred stock SATA closed at $99.65, its strongest finish since June 18, when it traded around its $100 par value. After dropping as low as $79, SATA has recovered roughly 25%.

Strategy’s STRC preferred stock also closed above $95, reaching its highest level since June 12. The shares have climbed 34% from their $71 low.

Cronos Gains Nearly 5%

Cronos (CRO), the native token of the Cronos blockchain and Crypto.com ecosystem, rose nearly 5% to approximately 5 cents since midnight UTC.

The advance marked its best performance since July 16, when CRO jumped 10%.

The latest rally followed Crypto.com’s launch of tokenized equities, allowing customers to gain exposure to U.S. stocks through its app. The platform offers access to 1,500 stocks and funds, with investments starting at $1.

Bitcoin Holds Near $62,800 Support

Bitcoin is trading around $62,800, a key technical level positioned near the bottom of the Ichimoku cloud.

A decisive break below the level could push BTC beneath the cloud, a development commonly viewed as a bearish signal.

Developed by Japanese journalist Goichi Hosoda, the Ichimoku cloud is used to assess trends, momentum, support and resistance. Crosses above or below the cloud can indicate potential changes in market direction.

Gemini Shares Lose 5%

Gemini stock fell 5% in Friday’s premarket trading after its second-quarter results showed continued weakness in the company’s core exchange business.

Revenue climbed 37% to $45.5 million, largely due to services growth, while exchange revenue dropped 38%. Gemini reported a $107.7 million net loss.