Bitcoin has surged 79% this year, marking a positive turn for the cryptocurrency industry. Crime rates in the crypto space have also dropped significantly, with a 65% decrease in flows to known illicit entities and a 42% decrease in inflows to risky entities. However, ransomware attacks remain a threat, with losses of at least $449.1 million through June this year.

The July jobs report suggests that the labor market is cooling down, in line with the Federal Reserve's efforts to control inflation. Nonfarm payrolls were expected to increase by 200,000 but fell short at 187,000. The unemployment rate remained steady at 3.5%, which is within the range of 3.4% to 3.7% since March 2022. The S&P 500 had a minimal reaction to the report, dropping around 0.15%. Meanwhile, Bitcoin rose above $29,200 on Coinbase after a volatile 24 hours. Andjela Radmilac, an analyst at CryptoSlate, has a classical education and a passion for news, and has been covering the crypto industry since 2018.

Bitcoin and Ether prices experienced a drop on Monday morning in Asia, but managed to stay above the support levels of US$29,000 and US$1,800 respectively. The decline was linked to news of a hack at DeFi exchange Curve Finance, which resulted in an estimated loss of US$41 million worth of cryptocurrencies.

The Federal Reserve's decision to raise the Federal Funds Rate (FFR) to 5.50% had little impact on the cryptocurrency market and Bitcoin. The central bank's cautious approach was seen as a sign that it is still concerned about the potential impact of its monetary policy on the broader economy. Despite the Fed's decision to raise rates, they may raise them again in September, depending on the data. Bitcoin's technical indicators suggest that it may be poised for a rebound shortly, which could be welcome news for investors and traders alike.

Bitcoin experienced a slight increase in price following the expected 25 basis point interest rate hike by the U.S. Federal Reserve. The federal funds rate target range is now 5.25%-5.5% after the Federal Open Market Committee meeting on Wednesday. Despite remaining within a narrow range of $29,000 to $31,500 for over a month, the world's largest cryptocurrency by market capitalization rose by 0.3% to $29,354 according to CoinGecko.

XRP's price has fallen by 8% to $0.68, underperforming the crypto market's 3.5% decline on July 24. This drop is due to growing expectations that the Federal Reserve will raise interest rates by 25 basis points in its July 25-26 meeting, which is considered bad for cryptocurrencies like XRP. Traders have rotated out of high-cap cryptos to seek shelter in safer assets like the U.S. dollar, causing XRP's price to fall. From a technical standpoint, XRP has entered an overbought correction stage and may decline towards $0.59 in July or early August.

Bitcoin's value briefly dropped below $29,000 on Monday due to concerns about expected rate hikes from the Federal Reserve and European Central Bank. The world's largest cryptocurrency fell by 2.9% over the past 24 hours to $29,044. The Federal Open Market Committee is expected to announce a rate decision on Wednesday, with analysts predicting a 25 basis point hike to bring its target range to 5.25-5.50%. The ECB is also expected to raise rates by 25 basis points to 4.25% on Thursday, which could impact bitcoin's consolidation around the $29,000 mark.

The demand for Ethereum has decreased, causing its price to drop to its lowest level since July 7th. The upcoming Federal Reserve interest rate decision and options expiry on Friday will be important factors affecting Ethereum's price this week. The Fed is expected to raise interest rates by 0.25% and then pause, as further hikes could lead to a hard landing for the American economy. Ethereum tends to show volatility ahead of options expiry, and data shows there are over 2.2 million ETH calls and 755,222 puts in the options market.

Some observers believe that the Federal Reserve's new FedNow service, which enables instantaneous settlements for dollar payments around the clock, does not pose a significant threat to stablecoins, despite having some financial characteristics in common. Stablecoin issuers and users have found persisting use cases for stablecoins that are outside the scope and capabilities of FedNow.

According to Jin10 Data, the Federal Reserve will announce its interest rate resolution at 2:00 a.m ( UTC+8) .  on Thursday, July 27th. At the same time, Fed Chairman Powell held a press conference on monetary policy.