Bitcoin's price bounced back to $64,400 following the Federal Reserve’s unexpected decision to keep interest rates steady. Earlier on July 29, the cryptocurrency briefly hit $64,500 before slipping below $63,700 as geopolitical tensions in the Middle East stirred market unease.
The day's volatility saw bitcoin fluctuating between $63,500 and $64,000 before the early morning surge. The Federal Open Market Committee’s choice to maintain rates between 3.5% and 3.75% sparked a late rally, pushing bitcoin back above $64,000, where it found support for several hours. However, by mid-afternoon, the price settled at around $64,200, marking a modest 0.6% drop for the day but lifting its market cap to $1.29 trillion.
Market Impact and Liquidations
Despite the geopolitical backdrop highlighted by a surprise Iranian strike on a U.S. base in Jordan and joint U.S.-Saudi strikes on militia groups the crypto market weathered the storm better than expected. Liquidations remained relatively contained, with Coinglass reporting approximately $322 million wiped out across the crypto space in 24 hours, including $38 million in bitcoin alone. Short positions accounted for a significant portion of these liquidations.
The tension-driven spike in crude oil prices above $90 a barrel added pressure, but the Fed’s rate hold helped limit broader market sell-offs. Bitcoin’s weekly losses narrowed to 2.5%, and its 30-day gains now stand at 6.6%. Traders continue to watch for potential shifts as inflation concerns linger and global conflicts evolve.
Material is for informational purposes only and not financial advice.
