Bitcoin (BTC) started the week on a very bullish note, racing past $120,000 early on Monday and reaching an intraday high of $122,190. However, the flagship cryptocurrency stalled at this level and currently trades around $120,500.
Experts attribute BTC’s latest rally to several bullish catalysts, including ETF inflows and the expectation of a rate cut by the Federal Reserve. BTC is up nearly 2% over the past 24 hours.
GameStop Stops Bitcoin (BTC) Purchases
GameStop has stopped its Bitcoin (BTC) buying spree, raising speculations about the company’s commitment to crypto and its Bitcoin strategy. The company has not purchased any BTC since May, and currently has a market cap of over $10 billion, and $8.5 billion in cash reserves. It has also accumulated over $500 million in Bitcoin. Curiously, GameStop CEO Ryan Cohen has unfollowed all Bitcoin-related accounts on X. One analyst stated on X,
“JUST IN: Ryan Cohen no longer follows any Bitcoin accounts, and GameStop now sits on over $8.5 billion in cash and $500 million in Bitcoin with a market cap of $10 billion. What the hell is going on over at GameStop?”
GameStop launched its Bitcoin strategy with much fanfare in March 2025, with the company’s board unanimously approving the proposal to add Bitcoin as a treasury reserve asset. GameStop’s foray into Bitcoin came after months of speculation, which intensified after Cohen posted a photo with Strategy founder Michael Saylor. It also completed a $1.5 billion convertible notes offering in April to fund future Bitcoin purchases. The company acquired 4,710 BTC worth $513 million on May 28, its first and only Bitcoin purchase.
Criminals Post Major Risk To Bitcoiners
Alena Vranova, the founder of Satoshi Labs, has warned against the increase in attacks, assaults, and abductions carried out against Bitcoin holders to steal their private keys. Speaking at a conference in Riga, Latvia, Vranova stated,
“Every week, there is a Bitcoiner, at least one in the world, who gets kidnapped, tortured, extorted, and sometimes even worse.”
Vranova added that violent criminals were even targeting small crypto investors to steal their private keys.
“What seems to be a problem only for Bitcoin OGs is not really the case. We have seen cases of kidnappings for as little as $6,000 worth of crypto, and we have seen people murdered for $50,000 in crypto.”
Attacks against crypto holders and investors have seen a disturbing increase, with physical attacks on track to double this year. The attacks have prompted investors, developers, and industry executives to take extra security measures like hiring personal bodyguards and round-the-clock security.
Criminals have been able to target cryptocurrency holders and their families thanks to data leaks from centralized crypto exchanges, which collect sensitive personal information under Know Your Customer (KYC) requirements. Vranova stated,
“We currently have more than 80 million Bitcoiner and crypto user identities leaked online; 2.2 million out of those contain home addresses.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has started the week in positive territory, crossing $120,000 early on Monday. Price action picked up on Sunday thanks to a convergence of bullish catalysts. As a result, the flagship cryptocurrency rallied, rising nearly 3% to cross $119,000. BTC surged past $120,000 early on Monday, reaching an intraday high of $122,190. However, it stalled after reaching this level and slipped back below $120,000 to its current level of $119,502.
Analysts stated that a move past $120,0000 was only a matter of time after a month of consolidating between $116,000 and $120,000.
“In our view, it was just a matter of time before it would break up. In this time, we have seen positive ETF flows, more treasury companies buying Bitcoin, and several positive developments coming out of the White House. Bitcoin has been stuck in a low-volatility band between $115,000 and $120,000 despite all the good news.”
Market watchers believe a revival in spot Bitcoin ETF inflows and President Trump’s executive order allowing cryptocurrency in 401(k) retirement plans are fueling the latest rally. Opening 401(k) retirement plans to crypto could allow another $9 trillion to flow into BTC and the broader crypto industry. Michael Saylor’s hint that Strategy could make another BTC purchase this week also boosted market sentiment.
Bitcoin ETFs continued to see inflows, purchasing $773 million worth of BTC to close the previous week. Despite the flagship cryptocurrency’s impressive rally, on-chain data shows that sentiment isn’t overheated, indicating there is room for further price increases. The Fear & Greed Index is still in the “Greed” zone, at 70 out of 100.
BTC registered a sharp decline on Friday (August 1), dropping over 2% and settling at $113,365. Sellers retained control on Saturday as the price fell 0.67% and settled at $112,601. Despite the overwhelming selling pressure, BTC recovered on Sunday, rising 1.52% to cross $114,000 and settle at $114,307. The price continued pushing higher on Monday, registering a 0.69% increase and settling at $115,097. BTC plunged to an intraday low of $112,707 on Tuesday as selling pressure returned. It rebounded from this level to reclaim $114,000 and settled at $114,139, ultimately dropping 0.83%. The price recovered on Wednesday, rising 0.80% to reclaim $115,000 and settle at $115,047.
Source: TradingView
Bullish sentiment intensified on Thursday as BTC rallied, rising over 2% to cross $117,000 and settle at $117,483. However, the price was back in the red on Friday, dropping nearly 1% to $116,512. Sellers retained control on Saturday as BTC fell 0.48% to $115,957. Bullish sentiment returned on Sunday as BTC rallied, rising nearly 3% to cross $119,000 and settle at $119,046. BTC reached an intraday high of $122,090 during the ongoing session. However, it lost momentum after reaching this level and slipped below $120,000 to its current level of $119,920, rising nearly 1%.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
