MSTR Faces Pressure; Coinbase Settles SEC Suit

Bitcoin traded at $63,842.10, gaining +1.01% as investors weighed Middle East tensions and the Federal Reserve's upcoming interest rate decision. The cryptocurrency rallied to $64,100 but encountered resistance at that level. Ethereum outperformed with a +2.16% gain to reach $1,913.42, while XRP rose +1.87% to $1.07. Solana added +0.79% to trade at $73.67, and Dogecoin climbed +1.72% to $0.07071.

Strategy ($MSTR) faced pressure from falling estimates and has been identified as one of the worst-performing stocks on the Nasdaq-100 in 2026. The company, which holds 843,775 BTC as of July 28, has paused Bitcoin purchases for five weeks while accumulating $3.75 billion in cash. Executive chairman Michael Saylor stated on July 28 that "Bitcoin has won. Now it must survive victory," and argued that Bitcoin code changes represent attacks on "economic rights." Coinbase ($COIN) settled a Freedom of Information Act lawsuit against the U.S. Securities and Exchange Commission, with the agency agreeing to pay $150,000 and fix its record-retention policies after losing text messages between former Chair Gary Gensler and other officials. CEO Brian Armstrong outlined how AI and cryptocurrency could work together to enable autonomous transactions and warned the U.S. Senate that China is investing heavily in crypto infrastructure.

BitMEX announced it will shut down operations in September and urged customers to withdraw their assets. The crypto exchange did not provide a specific reason for the closure but stated the decision followed a strategic review of the business and wider crypto industry by its owner. Binance will list 10 new bStock pairs, including Apple and Amazon, with zero maker fees running until August 31. Robinhood ($HOOD) Chain's trading volumes are slumping as investor interest in memecoins fades. The company is scheduled to report earnings on Wednesday, with expectations of 43 cents per share according to FactSet estimates.

The European Union implemented its largest sanctions package on Russia in four years, targeting more than 100 banks and cryptocurrency operators. Crypto exchange HTX was caught up in the move, included in a list of 18 companies providing crypto services which the EU said helped Russians evade sanctions; HTX did not respond to a request for comment. Coinbase submitted a filing backing Federal Reserve payment accounts for crypto firms and pushed for interest on balances and risk-based oversight. The filing came on the same deadline as Multicoin Capital and the Hyperliquid Policy Center's framework support letter.

Hut 8 ($HUT) received a price target increase from Keefe, Bruyette & Woods analyst Bill Papanastasiou, who raised the target from $138 to $157 while maintaining an Outperform rating. The upgrade reflects analyst confidence in the miner's performance amid the current market environment.

Market participants are focused on the Federal Reserve's upcoming decision on interest rates as a key catalyst for crypto price direction. The closure of BitMEX in September represents a significant shift in the exchange landscape as crypto prices struggle to regain momentum. Robinhood's earnings report on Wednesday will provide insight into whether stock trading and prediction markets can offset the company's crypto slump as memecoin interest continues to fade.