According to BlockBeats, the U.S. Federal Reserve announced that it would maintain the benchmark interest rate in the range of 5.25% to 5.5%. However, during a post-meeting press conference, Fed Chairman Jerome Powell hinted at a possible rate cut in September, leading to a significant surge in U.S. stock markets. The S&P 500 rose by 1.58%, while the Nasdaq saw a substantial increase of 2.64%, driven by gains in tech stocks like Nvidia and TSMC. Despite the positive movement in the stock market, Bitcoin experienced a decline, dropping from above $66,000 to $64,783, marking a nearly 2% decrease over 24 hours.

Powell stated that while no decisions had been made regarding future actions, a rate cut could be implemented as early as September if economic data indicated a slowdown in inflation. He mentioned, 'If we pass this test, our policy rate could be lowered as soon as the next meeting in September.' The CME's FedWatch tool shows that traders expect a rate cut of 25 basis points at each of the three remaining rate meetings this year.

The dovish remarks from Powell led to a broad rally in U.S. stocks. The S&P 500 climbed by 1.58%, and the Nasdaq surged by 2.64%, with tech giants like Nvidia and TSMC leading the gains. However, Bitcoin did not follow the upward trend of the stock market. Instead, it fell from above $66,000 to $64,783 by the end of the press conference, reflecting a nearly 2% drop over the past 24 hours.

In other market news, the mini version of the Grayscale Bitcoin Trust (GBTC) was officially listed yesterday, with no further outflows observed. Additionally, the nine Ethereum spot ETFs have seen their first net inflow after six days of trading, totaling $33.7 million. This shift is attributed to a slowdown in the significant outflows from Grayscale's ETHE. Meanwhile, BlackRock's investment chief noted that some investment banks are considering including Ethereum ETFs in their portfolios. Ethereum's price movement mirrored Bitcoin's, falling from above $3,300 to $3,232 by the end of the press conference.