**Crypto Market Update: Bitcoin Struggles Despite Fed's Dovish Stance**

Bitcoin (BTC) remained sluggish as Wall Street opened on August 1, despite the Federal Reserve's dovish tone on interest rates. BTC/USD fell 2.4% the previous day, hitting a low of $63,400, its weakest since July 19.

Fed Chair Jerome Powell hinted at a potential rate cut in September, but this failed to boost Bitcoin. While US equities responded positively, crypto markets saw a broad sell-off.

Traders are eyeing the newly-launched US spot Ether ETFs and potential supply pressures from Mt. Gox and the US government. Market sentiment remains cautious, with discussions among US Presidential candidates about a sovereign Bitcoin reserve adding to the uncertainty.

Stay tuned for more updates as the crypto landscape continues to evolve.