Summary:
- Bitcoin Decline: Bitcoin (BTC) fell 2.22% to $64,700 ahead of the Federal Reserve’s latest policy meeting.
- Fed’s Decision: The U.S. Federal Reserve maintained its benchmark fed funds rate at 5.25%-5.50%, with no indication of a rate cut in September.
- Crypto Market Impact: Ethereum also saw a decline, falling 1.4% to $3,200, and the global cryptocurrency market cap dropped by 0.71% to approximately $2.39 trillion.
- XRP Performance: XRP addresses holding at least 10,000 tokens surged to a six-month high, with 2,389 new wallets added over the last five weeks.
Bitcoin (BTC) experienced a 2.22% drop, trading at $64,700 during Asian morning hours, as market participants reacted to the U.S. Federal Reserve’s recent monetary policy meeting. The Fed decided to keep its benchmark fed funds rate steady at the 5.25%-5.50% range, aligning with market expectations. However, the lack of indication towards a potential rate cut in September left investors uncertain, contributing to the dip in Bitcoin’s price.
Ethereum (ETH) also saw a decline, falling by nearly 1.4% to $3,200. The overall cryptocurrency market followed suit, with the global market cap decreasing by 0.71% to around $2.39 trillion in the past 24 hours.
Amid these market movements, XRP showed a positive trend, outperforming Bitcoin in July. Data from Santiment revealed a significant increase in the number of XRP addresses holding at least 10,000 tokens, reaching a six-month high. Over the last five weeks, 2,389 new wallets joined this category, reflecting growing interest and confidence in XRP among investors.
Despite the recent downturn in Bitcoin’s price, the Crypto Fear and Greed Index indicates that market sentiment remains in the ‘Greed’ zone, suggesting a continued optimistic outlook among market participants.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
