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Pi Network’s PI Extends Recovery as Bitcoin (BTC) Settles After FOMC Meeting: Market Watch

The highly anticipated FOMC meeting yesterday didn’t bring any surprises despite some expectations of a rate hike, and bitcoin’s price has calmed at around $64,000 after the recent volatility.

Most larger-cap alts have posted minor losses over the past 24 hours, led by HYPE’s 3% drop to under $54. In contrast, UNI has pumped to $4.

BTC Settles

Bitcoin rallied hard last week, going from under $64,000 to a monthly peak of $67,000. That resistance, though, turned out to be too strong given the current lack of substantial bullish catalysts, and the asset fell to $64,600 within a day or so, and dipped by another grand on Friday.

The bulls didn’t allow another breakdown, as BTC remained at around $64,000 during the weekend. It climbed to $64,500 on Sunday and прыгнул by another $1,000 on Monday as the markets priced in the de-escalation news on the Middle East war from that weekend.

Nevertheless, bitcoin was almost instantly rejected again, and the subsequent dip pushed it to under $62,800 on Tuesday ahead of the FOMC meeting in what appeared to be a de-risking move from investors. In the hours before and after the event, in which the Fed maintained interest rates at 3.50%-3.75%, BTC experienced some volatility, which included a rise to $64,600 and a dip to $63,200.

It has remained in the middle of this range since then, currently trading inches below $64,000. Its market cap is down to $1.280 trillion on CG, while its dominance over the alts has dropped to 56.3%.

BTCUSD July 30. Source: TradingView
BTCUSD July 30. Source: TradingView

US Enters Top 100, PI Keeps Pumping

Pi Network’s native token was among the top performers yesterday and has doubled down in the past 24 hours. PI has reclaimed the $0.08 resistance (now support) after another 6% rally as the team behind the project announced when the next protocol update should be deployed.

Talus (US) has skyrocketed by 20% daily and 600% monthly and is now within the top 100 alts by market cap. The larger-cap alts are a lot calmer, with UNI and BEAT posting 4-5% gains.

In contrast, HYPE has dropped by 3% to under $54, DOGE is down by over 1%, while ETH, XRP, SOL, and RAIN have slipped by up to 1%.

Cryptocurrency Market Overview July 30. Source: QuantifyCrypto
Cryptocurrency Market Overview July 30. Source: QuantifyCrypto

 

Пост Pi Network’s PI Extends Recovery as Bitcoin (BTC) Settles After FOMC Meeting: Market Watch появились сначала на CryptoPotato.


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