Cryptocurrency price on August 1: Bitcoin falls below $65,000; Solana, XRP drop up to 8%

Overnight, the US Federal Reserve maintained its key interest rate at 5.25–5.5% for the eighth consecutive time, as expected, while signaling the possibility of a rate cut in its next meeting in September. The Federal Open Market Committee’s unanimous decision reflects a continued wait-and-watch approach as it monitors inflation trends.

CoinSwitch Markets Desk, said, “Bitcoin fell below $65,000 after the US Federal Reserve announced it would keep interest rates unchanged. However, with markets now anticipating rate cuts in the upcoming Federal Reserve meeting in September, the outlook for a Bitcoin rally by the end of the year has strengthened.”

Meanwhile, CoinDCX Research Team, said, “The crypto market tumbled after the Fed’s decision. Tomorrow’s U.S. unemployment rate announcement is expected to induce more volatility, with an ‘Actual’ figure greater than ‘Forecast’ being good for crypto.”At 12:21 pm IST, Bitcoin (BTC) was trading 3.2% lower at $64,285, while Ethereum fell nearly 4.5% to $3,313. Meanwhile, the global cryptocurrency market cap dropped by 3.6% to around $2.3 trillion in the last 24 hours.”Bitcoin needs to break above its 200-day EMA at $64,510 to consolidate further. Else, a retest of $62,000 may be on the cards,” said Vikram Subburaj, CEO of Giottus.Altcoins and meme coins, such as BNB (3%), Solana (8%), XRP (5.7%), Dogecoin (5%), Cardano (4.6%), Avalanche (4.3%), Shiba Inu (3.8%), Polkadot (3.4%), and Chainlink (4%) also declined.The volume of all stablecoins is now $71.64 billion, which is 92.19% of the total crypto market 24-hour volume, as per data available on CoinMarketCap. Bitcoin’s dominance is currently 54.99%. BTC volume in the last 24 hours rose 23.3% to $35.7 billion.

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