The cryptocurrency market experienced a slight de-risking period just hours before the U.S. Federal Open Market Committee (FOMC) meeting, leading to a dip in altcoins. However, with key macro data and updates expected, the market remained uncertain about the direction it would take post-FOMC decision.
Following Bitcoin’s sharp drop to $116.95k on July 29th, altcoins also saw a sell-off, with coins like Bonk, Pepe, and Dogecoin dropping by 10%, 4%, and 3% respectively. Binance Coin, Cardano, and Solana also experienced declines of 3%, 2.6%, and 2.2% respectively. The overall altcoin market lost $50 billion in value within 48 hours, dropping from $1.57 trillion to $1.52 trillion.
The de-risking also led to a decrease in aggregated Open Interest (OI) across all exchanges and crypto assets, from $101 billion to $97 billion. Specifically, the OI in top altcoins like ETH, SOL, XRP, and DOGE decreased from $42.5 billion to $41 billion, indicating traders were cautious ahead of the Fed rate decision.
Ripple (XRP) alone witnessed over $2 billion in OI wiped out over the past week, highlighting the risk-off sentiment in the market. However, Matt Mena, a crypto research strategist at 21Shares, remained optimistic about the market’s potential post-FOMC decision and key inflation data expected at the end of July.
Mena suggested that the Fed would likely keep interest rates steady in July but there was a higher probability of a 25 bps rate cut in September, which could potentially trigger a Bitcoin rally. He also mentioned that if the PCE data and the White House crypto report on Thursday were favorable, Bitcoin could reclaim $120k and potentially reach $130k to $150k by September.
In conclusion, while the market may have experienced a period of de-risking and uncertainty ahead of the FOMC decision, there are potential bullish catalysts on the horizon that could lead to a resurgence in altcoins and Bitcoin’s price. Investors will be closely watching the upcoming data releases and policy reports for signs of market direction. Are you looking for a way to spruce up your home decor without breaking the bank? Look no further than DIY home projects! With just a little creativity and some basic materials, you can transform your space into something truly unique and beautiful. In this article, we will explore some simple and budget-friendly DIY projects that will help you add a personal touch to your home.
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