Fed Holds Rates, Trump Strikes With New Tariffs as Bitcoin and Alts React: Your Weekly Crypto Recap
Main Idea
The article covers a volatile week in cryptocurrency markets, highlighting Bitcoin's price movements, Federal Reserve decisions, and key crypto industry developments.
Key Points
1. Bitcoin's price fluctuated between $117,000 and $119,000 before dropping to $114,000 after the Federal Reserve left interest rates unchanged.
2. The US GDP report for Q2 showed a 3% economic increase, but the Fed maintained rates for the fifth consecutive time.
3. Ethereum celebrated its 10th anniversary, with spot ETH ETFs seeing record inflows in July.
4. Bitcoin whales increased their holdings to 68% of the supply, acquiring 218,570 BTC during a market correction.
5. The Trump administration unveiled a crypto strategy but did not include details on a Bitcoin reserve plan.
Description
Another important, volatile, and eventful week passed by. It had traders and investors looking out for the latest Federal Reserve meeting, which took place a few days ago. But before it, bitcoin’s price had recovered from last week’s plunge below $115,000 on Friday and had returned to its familiar trading range between $117,000 and $119,000. The asset traded between those two lines for days ahead of the Wednesday FOMC meeting, with little to no volatility and success when it comes to breaching e...
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