Bitcoin remained above $65,400 on Thursday, with the overall crypto market showing little volatility. The market remained cautious while awaiting Google's earnings report, after which investors' focus shifted to investments in AI infrastructure, chip deals, and the Federal Reserve meeting at the end of the month.
Bitcoin continued its slight upward trend throughout the week.
According to CoinDesk data, Bitcoin is currently trading at approximately $65,400, down 0.3% on the day but still up 1.4% for the week. Ethereum is trading at approximately $1,916, XRP at $1.13, and Solana at $77, with limited overall movement in major tokens.
Among major assets, Hyperliquid performed relatively poorly, falling 11% during the week, in contrast to the sideways movement of other large-cap tokens.
Google raises capital expenditure forecast
The market has been awaiting Alphabet's earnings report this week to determine whether the large tech company will continue to expand its AI investment. The report showed that the Google parent company's second-quarter revenue increased by 24% year-over-year to $119.8 billion, with cloud business growing by 82%, both figures exceeding market expectations.
However, Alphabet also raised its 2026 capital expenditure forecast again, from the previous $180 billion to $190 billion to $195 billion to $205 billion. The company stated that AI demand is strong, while supply remains tight.
This statement supported market expectations regarding spending on chips and AI infrastructure, but also raised concerns about pressure on free cash flow. Alphabet's stock price fell in after-hours trading, indicating that investors are still weighing the relationship between high investment and profitability.
Rising oil prices and the Federal Reserve become the next focus.
Aside from the technology sector, oil prices continued to rise, extending the upward trend that began in July. Higher energy prices have also brought renewed focus to inflationary pressures, which has somewhat dampened sentiment towards risk assets.
Next, the market will turn its attention to the Federal Reserve meeting on July 28-29. For crypto assets, interest rate paths and inflation expectations remain important variables influencing risk appetite in the short term.
