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The Election of the Federal Reserve President is Underway.
• Bitcoin fell from $116,000 to $104,364 after the Fed's decision to keep interest rates at 4.25%-4.50%
• Market capitalization remains near $2.2 trillion, with Ethereum showing an upward trend towards $7,000 after the Pectra upgrade
• Solana is trading at $182 with a high probability of an ETF for 2026, while XRP is up 381% since the beginning of the year
Key Factors Driving It
• The Fed's policy remains restrictive, despite two governors voting for cuts at the July meeting
• Chairman Powell confirmed that U.S. banks can offer cryptocurrency services under proper risk controls
• Legislative progress includes the bill passed in the House, Digital Asset Market Clarity Act, and a Senate bill that assigns the CFTC authority over digital commodities.