Crypto Market Update Today July 28

The crypto market is dropping today, July 28, as concerns around a hawkish FOMC meeting and falling odds of CLARITY Act passage weigh on prices.

Top Movers

• Bears are dominating the crypto prices today as Bitcoin (BTC) drops by 2.83% to trade at $63,453. The drop has pushed BTC to its lowest price since July 20 as BTC liquidations top $147 million.
• Ethereum (ETH) has seen a steeper crash of 4.53% to trade at $1,878, with this drop also liquidating $77 million in ETH long positions.
• The biggest loser among the top ten largest cryptos is Hyperliquid (HYPE), which is down by 9.22% to trade at $54.

• PENGU also faces the biggest drop among the top ten largest meme coins, after shedding 8.5% of its value to trade at $0.0058.
• Bitmine (NYSE: BMNR) also saw the biggest gain among crypto stocks on July 27 after the price increased by 13% to close trading at $17.

• The gains occurred after Bitmine’s purchase of an additional 9,946 ETH.

Biggest News of the Day

• The Senate has shelved the CLARITY Act and prioritized other bills, leaving a small window of opportunity for senators to vote on it before they break for recess on August 7.
• The odds for the crypto market bill passing in 2026 have also dropped to 37% on Polymarket as investors bet Democrat senators will vote against the bill.
• X (formerly Twitter) has launched X Money in the US that will offer a digital banking, payments, and savings platform for premium and premium+ subscribers in the US.
• The platform has left out support for cryptocurrencies, and it will only support fiat currencies despite earlier speculation that it could integrate Dogecoin (DOGE).

Crypto Market Data

• Total Crypto Market Cap: $2.17 trillion (-2.79%)
• 24-Hour Trading Volumes: $66.76 billion
• Bitcoin: $63,453 (-2.83%)
• Ethereum: $1,878 (-4.53%)
• XRP: $1.05 (-4.73%)
• Bitcoin Dominance: 58.6%
• Ethereum Dominance: 10.4%
• 24-hour Liquidations: $615 million in total liquidations ($543 million in long liquidations and $72 million in short liquidations)

• Altcoin Season Index: 53/100
• Fear and Greed Index: 34 (fear)

What to Watch in the Crypto Market Today

• Bitcoin’s support at $63,458 is in focus, with a close below it set to push BTC price to the psychological support of $60,000 per a recent CoinGape Bitcoin price analysis.
• The FOMC meeting that commences today, July 28, is also the main macro factor that traders should watch.CME FedWatch Tool shows a 35% chance that the Fed will hike rates by 25 basis points and a 64% chance that it will leave them unchanged.

• These odds could influence a risk-on or risk-off sentiment before the Fed Chair announces the monetary policy decision on July 29.
• CLARITY Act odds could also rise or fall depending on the sentiments shared by US senators or policymakers today.

Catch up on yesterday’s biggest moves in our Crypto Market Brief for July 27.