Cryptos Outshine US Stocks in July Amid Fed Rate Decision Anticipation
The month of July saw cryptocurrency assets outperform US stocks despite macroeconomic pressures. According to QCP Capital, Bitcoin (BTC) and Ether (ETH) rose by approximately 11.6% and 24.6% respectively this month.
The market's focus is on the Federal Reserve's FOMC interest rate decision scheduled for this Wednesday. Investors are closely watching the policy statement and remarks from Federal Reserve Chair Kevin Walsh, who will clarify the Fed's stance on inflation and employment.
On July 24, US-listed spot BTC and ETH ETFs experienced a combined net outflow of around $311 million. Market participants are also paying attention to the proposed CLARITY Act, as investors increasingly seek downside protection to hedge against short-term macro uncertainty.