Bitcoin price today July 31: Can't pass the $30,000 mark

Out of the top 10 coins by capitalization, 6 are down compared to 24 hours ago. In general, the volatility of coins in the top 10 as well as the whole market is relatively low. Specifically, ETH down 0.98%, BNB down 0.13%, XRP down 1.01%, DOGE down 2.85%, SOL down 3.72%, MATIC down 2.9%...

Rachel Lin, CEO of derivatives exchange SynFutures, thinks that Bitcoin trading below $30,000 could be just a short-term correction in an uptrend.

“Bitcoin has dropped below $30,000 but price market traders have not acted too aggressively. This shows that they consider the $30,000 mark to not be a strong resistance, at least in the short term,” Lin said.

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The largest cryptocurrency by market capitalization also reacted positively after the latest interest rate hike decision of the US Federal Reserve (Fed).

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“The Fed meeting today had more or less impact on Bitcoin price, as the market thinks that raising interest rates to a 22-year high could be a sign that the monetary tightening cycle has peaked, or we is very close to it," said Sam Yilmaz, co-founder of Bloccelerate Cryptocurrency Investment Fund.

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Besides the Fed's move, investors are also interested in the progress of completing the legal framework for cryptocurrencies in the US.

Coinmarketcap’s Eleanor Terrett said that the US Congressional Finance Committee members approved the stablecoin payments bill after hours of debate and negotiation.