Bitcoin took a volatile ride this week after the Federal Reserve left interest rates unchanged, briefly dipping below $63,000 before recovering to around $64,000 on positive spot ETF flows. The largest cryptocurrency by market cap touched $64,200 but couldn't hold the gains, settling back near $63,000 by Tuesday. The moves came as the broader crypto market added $40 billion in value from the previous day's low, reaching a total market cap of $2.240 trillion.
Fed decision fuels intraday swings
The Fed's decision to keep rates steady at the July FOMC meeting triggered a sharp rejection at $65,600, sending Bitcoin below $63,000. The selloff was short-lived, however, as net inflows into spot Bitcoin ETFs helped push prices back up. The rebound stalled at $64,200, and BTC has since drifted lower. Bitcoin's market capitalization now sits at $1.275 trillion, with its dominance over altcoins still below 57%.
Altcoin divergence: ADA surges, BEAT plunges
Altcoins showed starkly different fortunes. Cardano's ADA surged 5.5% to a multi-month peak near $0.20, while AVAX, DOT, and HYPE each gained over 5%. On the other end, Audiera (BEAT) continued its volatile pattern, plunging 20% in 24 hours to under $3. UNI, STABLE, and CC also posted losses, though less severe than BEAT's drop.
Geopolitical relief adds to market recovery
A brief surge on Sunday followed news that US President Donald Trump canceled planned strikes against Iran, providing a short-lived boost to risk assets. That relief, combined with the ETF-driven bounce, helped the total crypto market cap recover $40 billion from its recent low. The Fed's unchanged rate decision added to the choppiness, leaving traders to weigh the next catalyst.
The next Fed meeting in September will be closely watched, but for now, Bitcoin remains stuck in a range between $62,000 and $65,000, with altcoins offering both sharp gains and steep losses.
