The crypto market momentum stalls

Bitcoin’s recent strong momentum stalled in the middle of last week, and the price has decreased by 6% over the past seven days. Still, the price remains firmly within the $19k - $22k consolidation range.

As idiosyncratic risk related to contagion effects has calmed down, the crypto market is now back to eyeballing the decisions of the Fed. In Wednesday’s FOMC meeting, the FED will decide how to deal with the ever-rising CPI numbers, which exceeded expectations at 9.1% for June. The market expects the Fed to increase its funds rate by 75bps.

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