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Bitcoin Price Tumbles to 2-Week Low as Fed and BoJ Keep Rates Unchanged: Weekly Crypto Recap

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It was a very eventful week in terms of economic activity, with most of the focus turned to the Wednesday conclusion of the second FOMC meeting under new Fed Chair Kevin Warsh.

But before we head into the details of the central bank’s decision, let’s explore what transpired prior to that. Last week, the US CPI numbers came out, and inflation data was actually a lot better than many expected. BTC went on a rally after that, peaking at $67,000, where it was rejected but still managed to close the week at around $64,000.

It regained some traction on Monday after the de-escalation news on the Middle East front. The cryptocurrency jumped past $65,000 and touched $65,600 on a couple of occasions. However, the predominantly bearish sentiment was too strong, and the asset dumped below $63,000 a day later.

The bulls managed to intervene and didn’t allow another immediate leg down. Instead, BTC started to regain traction after the United States Federal Reserve kept the rates unchanged. The asset challenged $65,500 once again on Friday morning. However, a familiar end-of-the-week scenario repeated, and the cryptocurrency was rejected even after the Bank of Japan followed the Fed’s example and maintained the rates.

The subsequent leg down has been quite painful, with BTC sliding below $62,500 minutes ago for the first time in over two weeks. Some altcoins have it even worse, with RAIN plummeting by double digits, while ZEC, XLM, and HYPE are down by up to 8%.

Market Data

Cryptocurrency Market Overview Weekly July 31. Source: QuantifyCrypto
Cryptocurrency Market Overview Weekly July 31. Source: QuantifyCrypto

Market Cap: $2.275T | 24H Vol: $60B | BTC Dominance: 55.3%

BTC: $62,700 (-0.5%) | ETH: $1,858 (+1.7%) | XRP: $1.06 (-1.7%)

This Week’s Crypto Headlines You Can’t Miss

New York Sues Kalshi as Legal Pressure on Prediction Markets Intensifies. In a major development from earlier today, New York Governor Kathy Hochul and Attorney General Leticia James filed a lawsuit against Kalshi, arguing that it operates illegal gambling products without the proper license in the state.

A Rocky Year: Ethereum Turns 11 Years as ETH Trades 61% Below the High Set Last August. Ethereum celebrated its 11th birthday on July 30. In this article, we explore the good and bad over the past few years, including some controversial developments around the blockchain and the foundation behind it.

Bitcoin’s Next Bull Run Could Follow US Midterms: Analyst. US Midterm election years are not favorable for bitcoin historically. One analyst claimed that once they are over, BTC’s major rally could finally commence. Another analyst outlined a major price prediction, indicating that the cryptocurrency can peak at somewhere around $400,000 per unit within less than two years.

‘OC’ Actor Ben McKenzie Urges Congress to Block CLARITY Act Over Trump Ties. The CLARITY Act remains one of the most discussed topics within the cryptocurrency community and in Washington. In a surprising development from the past week, OC actor Ben McKenzie argued that the bill should be blocked over its potential aid to Trump and his family.

Circle’s IBM Patent Deal Brings Nearly 1,000 Blockchain Patents. The company behind the second-largest stablecoin said it had expanded its blockchain patent portfolio by purchasing nearly 1,000 such patents from IBM. This includes more than 680 patent families and nearly 1,000 issued worldwide, covering core blockchain tech, banking, financial services, and insurance.

Saylor’s Strategy Keeps Rebuilding Its Cash Pile, Putting Bitcoin Buys on Hold. The world’s largest corporate holder of BTC has continued its BTC purchase pause for a fifth consecutive week. Instead, Strategy keeps growing its USD reserve. Another $525 million injection brought the total USD stash to $3.75 billion, enough to cover 2.1 years of dividend payments.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.

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