On July 29, the cryptocurrency market experienced a decline, with many meme coins losing significant value due to market conditions and upcoming economic data.
Current State of the Crypto Market
As of the morning of July 29, Bitcoin's price was around $118,000, remaining unchanged over the past week. Major altcoins, including meme coins Fartcoin and Dogwifhat, lost over 13% of their value.
Reasons for Price Decline
The decline in the crypto market is associated with Bitcoin's price fluctuations, which remain within a narrow range. Additionally, the upcoming Federal Reserve interest rate decision and the anticipated economic data, such as GDP estimates, have contributed to the price drop.
Future Expectations
Experts expect the Fed to keep interest rates unchanged between 4.25% and 4.50%. A more dovish stance from the Fed could positively impact the cryptocurrency market. However, upcoming tariffs on August 1 may lead to increased market volatility.
The cryptocurrency market continues to face challenges, but hopes for recovery exist due to future economic decisions and data.
