Bitcoin remained close to $64,000 on Sunday as market participants adjusted positions ahead of the Federal Reserve’s interest-rate announcement scheduled for Wednesday. The largest cryptocurrency was changing hands at $64,486.1 as of 04:55 ET (08:55 GMT), representing a roughly 0.99% gain over the prior 24 hours.
The relatively narrow weekend trading range followed a pullback from a one-month high the prior Tuesday, when Bitcoin traded above $66,400. That retreat has left investors cautious about extending the recent rally until the Fed’s intentions are clearer.
Options markets revealed sizable directional bets. According to CoinDesk data, traders have purchased about $2.5 billion in notional Bitcoin call spreads that expire on July 31. Those positions would benefit if Bitcoin advances toward $72,000 following the Fed decision.
Market consensus is tilted toward policymakers keeping the federal funds rate unchanged at 3.5% to 3.75%. Attention will focus on remarks from Fed Chair Kevin Warsh about inflation, oil prices and the potential for further rate adjustments - commentary that traders expect could influence risk assets, including cryptocurrencies.
Sentiment gauges reflected investor caution. The Crypto Fear and Greed Index stood at 27 on Sunday, a reading that signals fear. Over the preceding 24 hours, Bitcoin traded in a band between $63,700 and $65,406.
Altcoins and memecoins lead weekend activity
While Bitcoin consolidated, other tokens posted stronger moves. Shiba Inu surged 36% to $0.0000057, adding close to $1 billion in market value without any clear project announcement cited. The rally was led by South Korean buying, with Upbit’s SHIB/KRW trading pair becoming the token’s largest market during the move.
Major tokens also nudged higher on Sunday. Ether climbed 1.53% to $1,882.15, while XRP rose 1.20% to $1.0996. BNB advanced 1.28%, and both Solana and Cardano increased by 1.73% and 2.23%, respectively. Among memecoins, Dogecoin gained 5.81% and the token $TRUMP rose 2.93%.
Regulatory and market structure developments
On the policy front, crypto industry advocates have registered nearly 1 million contacts with Congress as they press for Senate consideration of the CLARITY Act before the August recess. The proposed legislation would allocate oversight of digital assets between the SEC and the CFTC, but objections from seven Democratic senators have introduced uncertainty about the bill’s timing.
Separately, developments affecting trading platforms and tokenised assets were in focus. Robinhood Chain’s tokenised real-world assets have grown about fivefold to $70 million, and its tokenised equities reportedly generate roughly $55 million in daily volume, a figure that remains below one-tenth of the activity seen on the network’s decentralised exchange.
The European Union has added crypto exchange HTX to its Russia sanctions framework, effective August 23, banning EU businesses and residents from transacting with the exchange from that date.
Traders face a mix of market drivers this week: a major central bank decision, concentrated options positioning that could amplify price moves, and regulatory and market-structure shifts that affect trading venues and token flows. The combination of these forces is likely to keep volatility and attention elevated across crypto markets in the near term.