Will today’s big events shake up crypto markets?
📊 Crypto market volumes up 4% - a somewhat muted move ahead of two big events.
🏦 All eyes on the Fed’s rate decision - and Chair Powell’s remarks, with added intrigue around Trump’s response.
🟠 Bitcoin is range-bound - between $117K and $119K, while ethereum and alts pull back.
📉 Altcoin season indicators cooling - according to the Altcoin Season Index.
It’s another fairly subdued day in crypto markets, reflected in the modest 4% increase in overall trading volumes across all crypto assets since yesterday. That’s not surprising, given two major events happening today, which could be causing investors to hang back and see how the broader market interprets these developments.
The first is the Fed’s interest rate decision: Will they cut, pause, or hint at future changes? What will Fed Chair Jerome Powell signal, and how will President Trump respond? The second is the release of the US Crypto Report, expected to shed more light on the U.S. government’s Bitcoin reserves.
Against this backdrop, Bitcoin continues to trade between $117,000 and $119,000, as it has for the past week. Meanwhile, Ethereum (ETH) and other altcoins are giving back some of the gains they racked up during what’s been a strong July for many cryptocurrencies.
With this latest pullback, the Altcoin Season Index is also showing a slight dip in momentum. Among the few winners today are Tron (TRX), up 1.89%, and PaxGold (PAXG), which saw a modest 0.34% gain as gold prices firmed up slightly.
Will today’s events shake things up? It’s worth watching closely.
In the markets…
🌍 Total crypto market cap ↘️
The global crypto market cap is approximately $3.86 trillion, down 0.24% over the past 24 hours.
🟠 Bitcoin (BTC) ↘️
Price: $118,239, down 0.6% in the last 24 h
Daily high: $119,026
Daily low: $117,157
📈 S&P 500 ↗️
SPY is currently up about 0.3% since yesterday’s close.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 63/100, indicating Greed among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 53, in neutral territory.
Data is accurate as at 07:47 GMT, 30 July.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
