Fed Resumes Rate Hikes, Positive US Regulatory News Surfaces

Written by BTSE

July 27, 2023

Crypto Market Analysis

Trending Tokens on BTSE:

24h %





(as of  3:00 AM UTC, July 27, 2023) 


As the trading day opens in Asia, the crypto market has continued to trade sideways. Bitcoin (BTC) has held its position of over US$29k, up 0.28% from 24 hours earlier, while Ethereum (ETH) has also seen a very minor movement of 0.76%, staying strong at US$1.8k.

Markets this week have primarily been moving in the altcoin space – Worldcoin (WLD) had its much-anticipated global launch earlier this week, while Dogecoin (DOGE) has seen some movement following Twitter’s transition to X, and speculation over the service’s branding as the ‘everything app’ – and how Dogecoin might become a part of it.

The US has continued to make regulatory news in crypto this week – the House financial services committee in the US has voted in favor of crypto and blockchain bills. The bill, titled “Financial Innovation and Technology for the 21st Century Act”, is designed to protect the interests of investors when trading cryptocurrencies in the US. This bill represents the first time a crypto-specific bill has successfully passed through a committee in the country, and raises hopes for clearer definitions of digital assets in the US.

In other news, the US Federal Reserve has resumed hikes on interest rates, last night raising rates to a 22-year high of 5.5% in the latest move in its fight against inflation in the country. Inflation has been responding to these changes – most recently reported at an annual rate of 3%, down from the 9% reported a year earlier. Despite the news, large market cap cryptocurrencies such as Bitcoin and Ethereum have not been pushed in either direction in a major way.


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