Crypto Market Misses Final July Rally, Bitcoin Lags Behind

The cryptocurrency market closed July down 2.3% to $2.24 trillion in total capitalization, missing out on the 1.7% stock rally that same day.

Bitcoin lagged behind, falling 3.5% to $62,464 while the S&P 500 climbed 1.7% and the Nasdaq gained 2.8%, leaving crypto out of the final rally of July.

The Fed's fifth consecutive hold on interest rates, coupled with a 3.7% PCE inflation rate, pushed the potential for a rate cut further out of reach.

Metronome DAO revealed a $15.7 million unbacked synth shortfall in its protocol, blaming latency issues with Chainlink feeds used in its zero-slippage swap module on Base.