Bitcoin slipped below $62,800 on July 28 before bouncing back above $64,000 as traders looked ahead to this week's Federal Open Market Committee meeting. The broader crypto market added $40 billion in value, pushing total market cap to $2.270 trillion, according to data from CoinMarketCap. Bitcoin's own market cap sits at $1.290 trillion, with dominance at 57%.
Bitcoin's rejection and recovery
Bitcoin was rejected at $67,000 last week, but found support over the weekend. Prices climbed on Sunday after news of de-escalation on the US/Iran front. The rebound comes ahead of what analysts are calling the most unpredictable FOMC meeting in years. The two-day meeting starts Tuesday, with a rate decision due Wednesday afternoon.
Altcoins see mixed action
XRP rose 3% to $1.09, aiming for the $1.10 mark. ADA gained 4.4% to $0.165, while UNI added over 5%. PI rebounded 5.5% to near $0.08 after dropping to $0.074. BEAT surged 35% to $3.75. On the downside, NEAR dumped 5%, and LTC and ZEC also declined.
FOMC uncertainty hangs over markets
The Federal Reserve's two-day meeting begins Tuesday, with a rate decision expected Wednesday. The outcome is seen as highly uncertain, adding to volatility across risk assets. Crypto traders are watching closely for any signals on monetary policy direction. The last time the Fed surprised markets, Bitcoin saw a sharp swing — and this time could be no different.
The FOMC decision is due Wednesday afternoon. Until then, expect choppy trading.
