The S&P 500 index ended its six-day upward momentum as investors turned conservative ahead of the Federal Reserve's interest rate decision. The cryptocurrency market dropped by 0.75% in 24 hours. Although market sentiment remains in the 'greed' zone (63/100), profit-taking and leverage liquidation dominated market trends. Among the top ten cryptocurrencies by market capitalization, only TRX saw an increase, while crypto-related stocks collapsed across the board.
The market ignores tariff progress, with Federal Reserve interest rate decisions and earnings reports dominating the market.
US Treasury Secretary Mnuchin stated that the US and China will negotiate to maintain the tariff truce agreement within two weeks, with any extension ultimately decided by Trump. Mnuchin noted that a 90-day extension is an option. Similar to the situation after the US and EU reached a tariff agreement, the market's reaction to signs of progress in negotiations with China has been muted, indicating that the capacity for such developments to significantly impact Wall Street is declining.
Other factors influencing the market are about to emerge. The Federal Reserve has begun a two-day meeting and will announce its interest rate decision at 7/31 midnight Taiwan time. Since last December, the Federal Reserve's benchmark interest rate has remained in the target range of 4.25-4.5%, and investors are closely watching whether officials are prepared to lower rates in the fall. Federal Reserve Chair Powell may face opposition from one or more colleagues who believe the central bank should provide more support for the slowing labor market.
In addition, Microsoft and Meta among the seven giants will announce their earnings after the US stock market closes today, while Apple and Amazon's earnings reports will be released on 7/31.
The cryptocurrency market is experiencing widespread declines, with crypto-related stocks collapsing across the board.
The cryptocurrency market dropped by 0.75% in 24 hours. Despite market sentiment remaining in the 'greed' zone (63/100), profit-taking and leverage liquidation dominated market trends. The US Securities and Exchange Commission (SEC) voted on Tuesday to approve an order allowing authorized participants to create and redeem physical cryptocurrency ETFs, including Bitcoin and Ether spot ETFs, but the market did not react significantly.
Among the top ten cryptocurrencies by market capitalization, only TRX saw an increase, rising over 5% in 24 hours. Justin Sun's blockchain platform Tron officially listed as 'TRON' on NASDAQ last week, with Sun ringing the opening bell! However, amidst a general decline in cryptocurrencies, TRON also dropped by 14% yesterday!
(Justin Sun's TRON lists on NASDAQ with a TRX arbitrage reaching $3.8 billion)
Crypto-related stocks are also experiencing a complete collapse:
Circle (CRCL): Down 2.01% to $181.64
Coinbase (COIN): Down 2.12% to $371.44
Strategy (MSTR): Down 2.26% to $394.66
BitMine (BMNR): Down 8.86% to $32
SharpLink (SBET): Down 8.82% to $19.08
Tron (TRON): Down 14.42% to $9.29
This article 'Federal Reserve interest rate decision imminent, S&P halts six-day rise, crypto-related stocks collapse' first appeared in Chain News ABMedia.
