Bitcoin, XRP Under Pressure Despite Falling Oil Prices as Concerns on Fed Dissents Mount

Bitcoin and XRP remain under selling pressure on Tuesday, even as oil prices extend declines amid hopes of de-escalation in the US-Iran war. Stock and crypto markets face selloffs amid growing concerns that Fed dissents could signal a rate hike in September.

Fed Dissents Could Push Rate Hike in September

Investors are awaiting Fed officials’ votes during the FOMC meeting for clues on interest rates. Markets are expecting a 10-2 split vote as the FOMC members start the two-day meeting today, with two officials supporting a 25 bps rate hike.

However, concerns are mounting over growing Fed dissents favoring a rate hike, building on June FOMC meeting minutes that revealed a split.

More than three dissenting votes could strengthen expectations for a September Fed rate hike, even if the policy rate stays unchanged this week. The CME FedWatch Tool shows a 56% probability of a rate hike by 25 bps in September.

FED DISSENTS COULD SIGNAL SEPTEMBER HIKE

Investors are watching this week's Fed vote for clues on interest rates.

A 10-2 split is expected, with two officials backing a 25bp rate hike.

If more than three members dissent, it could signal growing support for a September hike.…

— *Walter Bloomberg (@DeItaone) July 28, 2026

Notably, T. Rowe Price expects the Fed to keep rates unchanged over the next 12 months. In contrast, Citadel Securities expected Fed Chair Kevin Warsh to announce a rate hike this week amid rising inflation.

Meanwhile, President Donald Trump pushed the US Fed to cut interest rates. This comes as he said the US is having “good talks” with Iran aimed at ending the war. Iran-Oman talks revealed positive progress on opening and managing the Strait of Hormuz.

Bitcoin and XRP Plunge Despite Falling Oil Prices

Oil prices extended fall by 3% further today after Trump signaled easing US-Iran war concerns. Oil prices fell below $80 per barrel today ahead of this week’s Fed rate decision.

Meanwhile, the US dollar index (DXY) holds near 101.6 as inflation concerns fall as the US and Iran paused strikes. Also, the 10Y Treasury yield slips to 4.622% after hitting an 18-month high last week.

However, Bitcoin fell more than 3% despite a drop in oil prices and bonds. The price is currently trading near $63,320, with a 24-hour low of $63,016. Trading volume has increased by 24% in the last 24 hours.

The derivatives market also showed selling in the last few hours. Total Bitcoin futures open interest dropped more than 2% to $47.46 billion in the past 24 hours. Notably, Bitcoin futures OI on CME and Binance fell by more than 2.70% and 1.55%, respectively.

Meanwhile, XRP price is trading at $1.05, down more than 5% amid a broader market crash and latest Clarity Act delays. Trading volume has increased by 74% as traders moved sell holdings.

XRP futures open interest also dropped in the last hour, but is still up 1.15% in the past 24 hours. Sentiment remains mixed, with Binance seeing a 0.85% drop in open interest in the last few hours.

Inflows into XRP ETFs also dropped to $592.47K. Grayscale said spot HYPE ETF flows are accelerating as compared to Bitcoin, Ethereum, Solana and XRP on an asset market cap basis.

Navigating these volatile macro environments requires a dedicated suite of the best crypto research tools to analyze blockchain transaction volume and market sentiment.