Bitcoin dropped to the $29,000 level on Monday, July 24th. At the time of writing, the asset is trying to gain ground at $29,300, according to TradingView:
BTC/USD chart
The Fear and Greed Index remains at 55 (greed). It remained within the value of 54 (neutral) over the past week, and before that it showed a clear prevalence of greed at 62:
Fear and Greed Index
Bitcoin’s dominance has shrunk sharply to 50.01% after a rapid jump from 49.9% to 50.18%. This is evidenced by TradingView data:
BTC.D
The drop in the asset’s exchange rate was preceded by news that the U.S. Securities and Exchange Commission is preparing an appeal in the case against Ripple. The regulator considers the outcome of the proceedings a “mistake.”
At the time of writing, most of the assets in the top 10 by capitalization are in the red zone, according to CoinGecko:
Top 10 Coins by Capitalization
As a reminder, the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will hold its next meeting on July 26th. It is expected to result in another interest rate hike, Investopedia states.
Before the hawkish pause in June, the Fed had raised the rate 10 times in a row. The expectation of further tightening of the agency’s policy significantly affects the bitcoin rate, which the Incrypted team has already explained earlier in a separate material. Recall, during the last “drawdown” we covered the forecast of experts, according to which the price of the asset may fall below the level of $29,000. This is influenced by both macroeconomic and regulatory factors.
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