Bitcoin remains under $60,000 as the dollar strengthens, adversely affecting the cryptocurrency market. Quiet on-chain activity exacerbates the situation as Strategy's potential bitcoin sales raise concerns.
By Shaurya MalwaUpdated Jun 30, 2026, 5:05 a.m. Published Jun 30, 2026, 5:01 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Leading cryptocurrencies fell as the Japanese yen hit a 40-year low, which bolstered the U.S. dollar and pressured risky assets, including bitcoin.
- Bitcoin traded around $59,500, remaining below its 200-week moving average, while most alternative coins experienced significant weekly declines, with the exception of solana and Hyperliquid’s HYPE, which posted minor gains.
- On-chain metrics indicated weak demand and declining transaction fees, with the looming possibility of over $1 billion in bitcoin sales by Strategy contributing to market caution.
On Tuesday, Ether (ETH), Solana (SOL), and DOGE$0.07212 experienced declines as the Japanese yen fell to a 40-year low, which strengthened the U.S. dollar and pressured the crypto market.
Bitcoin was priced at approximately $59,514, reflecting a 0.3% decrease over the last 24 hours and a 7% drop over the week, based on CoinDesk data. It has remained below its 200-week moving average, which represents the average price over the past four years and is a significant long-term indicator.
Altcoins suffered considerable losses throughout the week. Ether saw a decline of 8.2% to around $1,587, XRP fell 7.1% to $1.04, and dogecoin dropped 11.9% to $0.072, marking the steepest decline among major cryptocurrencies. BNB decreased by 6.5%. In contrast, Solana rose by 3% for the day and 2.9% for the week, reaching $74, while Hyperliquid's HYPE gained 7% for the day, remaining almost unchanged for the week.
The primary influence was the currency market. The yen fell past 162 against the dollar, its weakest level since 1986, which pushed the dollar higher globally. A stronger dollar makes dollar-denominated assets like bitcoin more expensive for international investors and tends to deter investments in riskier assets.
According to Glassnode data, on-chain demand remained subdued during this downturn. The number of active addresses, which indicates user transactions, hovered around 618,000, remaining stable rather than showing an upward trend.
The total value of coins transacted across the network was close to $4.2 billion, slightly above the lower end of its range of around $3.6 billion, signaling a lack of significant activity, as noted in a Monday report from the firm.
Transaction fees, reflecting the costs users incur to move funds and an indicator of competition for block space, continued to decline. These factors together suggest that demand has not increased despite lower prices.
Adding to the overall market caution, Strategy, the largest corporate bitcoin holder, announced on Monday that it might sell over a billion dollars worth of bitcoin under a new financial strategy, marking a shift from founder Michael Saylor's previous position of not selling.
The possibility of these sales creates uncertainty in an already thin market. Currently, cryptocurrencies remain constrained by a robust dollar and a lack of fresh demand rather than facing any specific shock.
Future developments will hinge on whether the dollar's ascent slows and if the yen's decline prompts intervention from Japan, a move that could potentially reverse the inexpensive yen borrowing that has historically funded risk trades globally.
At present, with on-chain activity sluggish and a significant seller potentially on the horizon, the cryptocurrency market lacks upward momentum.
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