Bitcoin Unshaken by Coinbase Breach, Holds Strong at Key Level

The last couple of days have been the same story. Bitcoin continues to consolidate and battle the key level of $104K, while altcoins have undergone a broader pullback. This shift has seen Bitcoin dominance rise by nearly 2.5% over the same period. Major names like Ethereum, Solana and Ripple have corrected by 7–10%, reinforcing the idea that the market remains very much Bitcoin-driven. The sparks of altseason we saw last week are still just that—sparks, not yet a sustained rotation.

Fed Chair Jerome Powell’s latest remarks at the Foreign Bankers’ Association meeting added a layer of macro uncertainty to an already cautious market. He noted that “longer-term interest rates are a good deal higher now, driven largely by real rates given the stability of longer-term inflation expectations”. This suggests the Fed sees less reason to cut aggressively even if inflation cools, which is a headwind for risk assets. Powell also warned that renewed supply-side shocks—like tariffs—could complicate policy further. The takeaway? The Fed isn’t eager to pivot anytime soon, and that’s being reflected in how macro-sensitive Bitcoin has behaved over the last week.

It’s been a turbulent week for Coinbase. The company surged nearly 30% earlier in the week, becoming the first and only crypto-native firm included in the Fortune 500. But the rally has since faded, with the stock falling 7.2% today after news broke of a security breach. Coinbase disclosed that hackers accessed internal documents and customer account data—impacting less than 1% of monthly transacting users. The data was then used to execute targeted phishing scams, which were reportedly successful. Coinbase has pledged to reimburse all affected users, with total damages estimated between $180–400 million. While no private keys, funds, or passwords were compromised, the breach underscores the persistent vulnerabilities even among crypto's most established players.

TAO was not immune to yesterday’s altcoin-wide pullback, falling 4% and hitting an intraday low of 8.3%. Bulls, however, stepped in quickly, attempting to reclaim the CPR support level at $440. This zone remains pivotal for maintaining short-term momentum. While the structure is still intact above $390, further downside isn’t out of the question. That said, any deeper correction should be seen as a reload opportunity, not a reversal.