Last week, traders and investors focused on the recent Federal Reserve meeting. The cryptocurrency market continues to be influenced by external economic factors.
Bitcoin Market Response
Bitcoin's price recovered from last week's drop below $115,000 and returned to the $117,000 - $119,000 range. Despite minor fluctuations ahead of the Fed meeting, the asset showed limited volatility. After the Fed's decision to keep rates unchanged, Bitcoin's price fell to below $116,000 but rebounded, approaching the upper channel boundary.
This Week's Events: Trump Tariffs and Fed Policy
Following the release of the US GDP report for Q2, showing a 3% growth, President Trump urged Fed Chair Jerome Powell to reduce rates. However, this had no effect. Shortly after, with the impact of Trump's new tariffs, Bitcoin hit a three-week low of $114,000.
Current Trends in Altcoins
While Bitcoin displayed mixed results, altcoins suffered even greater declines: ETH and XRP fell by 5%, while SOL, DOGE, ADA, and others lost up to 10%.
The week was marked by significant fluctuations in the cryptocurrency market due to external economic factors and decisions from major political figures. Bitcoin and altcoins remain under trader scrutiny.
