Bitcoin Surges to $64,500 on Fed Rate Decision

Bitcoin prices saw significant fluctuations on July 29 as global markets reacted to a surprise Iranian strike on a U.S. military base in Jordan and the Federal Reserve's decision to hold interest rates at 3.5% to 3.75%. The top cryptocurrency briefly surged to $64,500 before pulling back to around $63,700, resulting in a 0.6% daily loss.

Despite initial market jitters caused by the Middle East conflict, the Fed's decision provided relief, and bitcoin prices rebounded to reach $64,400. This moderate pullback limited leveraged liquidations, with Coinglass data showing nearly $38 million in total liquidations over 24 hours.

The Federal Reserve's decision to hold interest rates is seen as a positive signal for the cryptocurrency market, which has been waiting for policy signals from this week's FOMC meeting. However, it remains uncertain whether the Fed will raise rates before year-end, and any price rally in bitcoin may rely on internal drivers rather than broader macroeconomic tailwinds.