Bitcoin (BTC) traded calmly around $118,000 as investors awaited the Federal Open Market Committee (FOMC) meeting outcome, with the asset showing minimal volatility after a turbulent week. Earlier, BTC plunged to $114,500—a 14-day low—when Galaxy Digital sold 80,000 BTC for a third party but rebounded to $120,000 over the weekend before settling near current levels. Analysts anticipate increased volatility post-FOMC, though interest rates are expected to remain unchanged.
Meanwhile, altcoins faced steep declines, with the total crypto market cap dropping $60 billion to $3.94 trillion. Memecoins bore the brunt: BONK plummeted 13%, while Dogecoin (DOGE) fell 4%. Other significant losers included SUI, HBAR, and AVAX (each down over 5%), alongside Ethereum (ETH) slipping 1.6% below $3,800 and XRP declining 2% to $3.10.
Market caution stems from multiple headwinds: the August 1 U.S. tariff deadline, a pending Treasury Department crypto regulation report (due July 30), and the SEC delaying its decision on the Truth Social Bitcoin ETF until September 18. In contrast, Marathon Digital raised $950 million to expand its BTC holdings, now totaling 50,000 BTC ($5.8 billion), cementing its position as the second-largest corporate Bitcoin holder.
