Crypto prices fell across the board this week as a stronger US dollar put pressure on digital assets. Bitcoin traded around $59,514 on Tuesday, down 0.3% over 24 hours and 7% over the past seven days.
The drop kept bitcoin below its 200-week moving average. This is the average price over roughly the past four years, and it has acted as a key support line for bitcoin all month.
Other major coins fell harder. Ether dropped 8.2% over the week to about $1,587. XRP fell 7.1% to $1.04, and dogecoin slid 11.9% to $0.072, making it the worst performer among major coins.
The main reason behind the slide was currency movement, not a crypto-specific event. The Japanese yen fell past 162 per dollar, its weakest level since 1986.
WE ARE GETTING DANGEROUSLY CLOSE TO ANOTHER YEN INTERVENTION.
The Japanese yen just hit its weakest level against the US dollar in 40 years, with USD/JPY trading at 161.96.
This matters because the Bank of Japan can't let the yen stay this weak.
A weak yen feeds directly… pic.twitter.com/JFmNXZVdgr
— Bull Theory (@BullTheoryio) June 29, 2026
A weaker yen pushes the US dollar higher across financial markets. A stronger dollar makes dollar-priced assets like bitcoin more expensive for foreign buyers, which tends to pull money out of riskier investments.
Not every coin fell. Solana gained 3% on the day and was up 2.9% for the week, trading near $74. Hyperliquid’s HYPE token rose 7% on the day, leaving it close to flat for the week.
Demand for crypto stayed weak even as prices dropped. According to data from Glassnode, the number of active addresses, a measure of how many people are using the network, held around 618,000.
That number sits in the middle of its recent range. It has not climbed higher despite lower prices that might normally attract buyers.
The value of coins moving across the network stayed near $4.2 billion. This is just above the low end of its recent range, suggesting steady rather than rising activity.
Transaction fees, which reflect competition for space on the network, kept shrinking. Together, these signals point to demand that has not picked up even as prices fall.
Strategy, the company that holds more bitcoin than any other public firm, said Monday it may sell more than a billion dollars of its bitcoin holdings. The plan is meant to help shore up the company’s finances.
This marks a change from founder Michael Saylor’s long-standing position of never selling bitcoin. The possibility of a large sale is adding caution to an already quiet market.
Traders are now watching two things. One is whether the dollar’s rise slows down. The other is whether Japan steps in to support the yen, a move that could affect borrowing tied to the yen used to fund trades worldwide.
Meanwhile, US stock futures rose Tuesday morning. Futures tied to the Nasdaq 100 climbed 0.3%, while S&P 500 futures rose 0.1%.
The gains followed a strong Monday session, when technology shares helped push the Dow Jones Industrial Average to a record close. A Supreme Court ruling on the Federal Reserve’s independence and an easing of tensions between the US and Iran also supported investor sentiment.
Nike is scheduled to report earnings Tuesday. Investors are also watching upcoming labor market reports, including the June jobs report, for signs of where the Federal Reserve may move next on interest rates.
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