Bitcoin Slumps Below $63,000 as Fed Rate Hike Bites

Crypto markets have taken a hit, with Bitcoin sliding below $63,000 on July 31. The decline comes as a result of several factors, including Federal Reserve board members voting to raise interest rates at their meeting on Wednesday and disappointing results from Coinbase Global. Ethereum also fell by 2.8% to $1,866.57, while Solana dropped 2.0% to $73.04.

The crypto market has been under pressure due to increasing geopolitical tensions, interest rate speculation, and a narrowing window for the Senate to pass the Clarity Act. This legislation would provide much-needed clarity for cryptocurrency regulations in the US.

Despite the decline, it's worth noting that Bitcoin gained 4.3% in July while the Nasdaq Composite fell by 3.2%. Broader progress, such as Morgan Stanley launching new crypto ETFs this week, has helped crypto pull away from a disastrous June.