Following the FOMC assembly on July thirty first, Bitcoin fell under $65,000 after trying to surpass its all-time excessive simply two days earlier on Monday, July twenty ninth.

Bitcoin got here below promoting stress following the FOMC assembly, resulting in a 3% drop and the liquidation of $316 million within the coin.

Whereas Bitcoin had a better liquidation price, Ethereum positions have been liquidated at $78 million, with Bitcoin and Ethereum collectively accounting for over 50% of the whole liquidation quantity.

The market noticed a information sell-off after Federal Reserve Chairman Jerome Powell stored rates of interest unchanged at 5.25% to five.5% and hinted at a price minimize in September.

Bitcoin was not the one one affected by this information, different altcoins additionally reacted to the information, with the worth of Solana dropping 6% to presently commerce under $165, in addition to the worth of XRP, which has fallen after rising by over 30% in July because of Ripple's doubtless SEC lawsuit settlement.

Other than altcoins, the costs of virtually all digital cash and tokens have additionally fallen, with meme cash being hit the toughest.

August is usually thought-about to be one of many worst two months for BTC, as knowledge from the previous 13 years exhibits, with Bitcoin solely ending decrease 5 occasions and dropping decrease eight occasions.

Whereas Bitcoin and the overall cryptocurrency market have been falling in latest days, crypto analysts equivalent to Rekt Capital imagine that Bitcoin's breakout might occur in September quite than August.

One other common crypto analyst named Jere additionally believes that the worth of BTC might hit $100,000 within the coming months primarily based on technical fashions he has checked out.

Whereas all that is taking place, Bitcoin and the Ethereum ETF are collectively experiencing optimistic inflows for the primary time for the reason that Ethereum ETF launched.