Bitcoin Stabilizes Around $64,400 as Fed Holds Interest Rates Steady
Bitcoin's price hovered around $64,400 on July 30, after initially slipping below $63,270. The cryptocurrency market remains cautious following the US Federal Reserve's decision to maintain interest rates at 3.5-3.75%. Analysts expect short-term volatility to be influenced by macroeconomic developments, while long-term fundamentals continue to strengthen.
Growing institutional participation and sustained interest in spot ETFs contribute to confidence in Bitcoin's long-term trajectory. Market projections indicate substantially higher valuations over the coming years, driven by broader adoption and capital inflows rather than speculative momentum. Avinash Shekhar, Co-Founder & CEO of Pi42, noted that the market is witnessing a phase where short-term volatility is shaped by macroeconomic developments.
The top gainers for the day include Pin with over 6.47% jump, followed by Uniswap and Jupiter with 5.93% & 4.25% respectively. KAITO drops by 6.29%, Audiera by 5.25%, and Morpho by 4.34%. The fear and greed index slips further to 35.