Bitcoin Price Steady Amid Fed Decision and Rising Yields

The Bitcoin price remained steady between $63,000 and $64,000 as traders assessed the Federal Reserve's latest interest-rate decision. The Fed maintained its benchmark interest rate between 3.50% and 3.75% for the fifth consecutive meeting in a 9-3 vote, with three officials advocating a 25-basis-point rise due to worries on inflation, bond yields, and policy risks of remaining in place.

Traders now estimate a 57% chance of a rate increase at the September meeting. Increasing Treasury yields may limit the recovery of Bitcoin since rising yields tend to diminish the demand for speculative assets. The inability to capture the $60,000 area might undermine the framework and delay the anticipated breakout, according to crypto analyst Ali.

U.S. spot Bitcoin ETFs recorded net inflows of USD 32.11 million on July 29, with BlackRock's IBIT attracting USD 89.83 million as outflows from other funds offset part of the gain. The Ethereum product with the largest inflow was the newly launched MSSE at Morgan Stanley, which received $14.30 million.

The wider crypto market dropped 0.68% to $2.18 trillion in 24 hours. Weak United States equities pressured risk assets and limited demand for major cryptocurrencies this week. Coinglass data showed nearly $400 million in liquidations, with bullish long positions accounting for most losses.