Currently, BTC is trading below the key level of $65 thousand, which has a negative impact on the entire crypto market. The main reasons for the fall are as follows:
1. Results of the Fed meeting:
- After the Federal Reserve meeting and Chairman Jerome Powell's speech, where a 100% guarantee of a rate cut in September was not given, there was a drop in the price of BTC. While Powell remained optimistic about lower inflation, uncertainty over rates weighed on the market.
2. Weak inflows into ETFs:
- On Wednesday, a weak influx of funds into cryptocurrency ETFs was recorded, amounting to only $300 thousand, which also contributed to the strengthening of the downward trend.
3. Rising oil prices:
- According to Reuters on July 31, the rise in oil prices following reports of the assassination of Hamas leader Ismail Haniyeh also had a negative impact on the cryptocurrency market.
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