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Bitcoin Price Increases As Fed Meets Market Expectations With 75 Basis Point Rate Hike

Daily Market Wrap

  • Crypto market cap: 1.10 trillion, up 4.61%

  • BTC price stands at USD 23,866, up 4.63%

  • ETH price stands at USD 1,724, up 6.58%

  • Top gainer: Optimism (OP), up 48.96%

  • Top loser: Arweave (AR), down 1.62%

News of the Day

Why it matters:

  • On July 27, the price of Bitcoin (BTC) surged around 8% to the mid $22,500 mark following the Federal Open Markets Committee (FOMC) decision to raise interest rates by 0.75 percent points

  • When inflation first began rearing its head last year, the Federal Reserve raised U.S. interest rates to lift the target range of its benchmark to between 2.25% and 2.5%

  • Bitcoin’s price rose 3.6% in the hour after the decision had been made. Fed Chair Jerome Powell said that another unusually large interest-rate increase will depend on incoming data

Crypto Daily Spotlight

Brief introduction: The Bored Ape Yacht Club (BAYC) is arguably the most influential NFT project by far. The BAYC NFT collection was technically created by Yuga Labs. It is a collection of 10,000 NFT Apes, each with completely unique traits. By purchasing an Ape, you will get exclusive access to future collections and other perks as a member of BAYC. Part of BAYC’s success nowadays has been its focus on creating a universe and exclusive club behind the NFTs, maintaining the hype and a relatively high floor price as a result.

Why it matters:

  • The Queen of Pop is upset about losing out on the rainbow-toothed Ape #3756 listed on OpenSea for an eye-watering 800.69 ETH (roughly $1.27 million)

  • “I was hellbent on getting an Ape and really specific about what I wanted: the Ape with a leather motorcycle cap on and multi-coloured teeth,” Madonna told Variety

  • Madonna has been pining over that Bored Ape Yacht Club NFT, which has “trippy” fur, an “S&M” hat, a motorcycle jacket, and rainbow teeth.

  • When asked if Ape #3756 or its traits were inspired by her, BAYC creators Yuga Labs BAYC creators Yuga Labs told Decrypt via email that Apes “aren’t necessarily designed or modelled after anyone specifically”

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