BNB surges past $800 even as Dogecoin, Cardano, and XRP face sell pressure; economists now doubt a July rate cut.

Crypto Market Stalls Below $4T as Rate Cut Hopes Diminish Ahead of Fed Meeting

The cryptocurrency market remains stuck just below the $4 trillion threshold, struggling to sustain upward momentum despite favorable macro conditions and growing institutional interest in digital assets.

Total crypto market capitalization hovered around $3.93 trillion on Wednesday, marking the third failed attempt in four weeks to decisively breach the psychological milestone. Despite strength in equities, persistent Ethereum inflows, and renewed ETF buzz across altcoins, the crypto rally has lost steam.

“This mirrors the stagnation observed at the end of last month,” said Alex Kuptsikevich, chief market analyst at FxPro, in a note to CoinDesk. “We appear to be following a calendar rhythm — with capital inflows accelerating at the start of the month and fading toward the end.”

Kuptsikevich noted that technicals, not fundamentals, are currently dominating crypto price action, even as broader markets reflect risk-on sentiment.

Bitcoin Rangebound, Ether Cools

Bitcoin (BTC) remained confined within a narrow $117,000–$119,000 band for the past 24 hours, trading near $118,500 in early U.S. trading. While BTC is still up 0.5% over the past week, signs of exhaustion are emerging — with funding rates softening and volumes declining across CME and Coinbase.

Ether (ETH), which surged 22% last week amid a surge in ETF-related flows and staking optimism, is showing signs of fatigue. Prices hovered around $3,670 at the time of writing, with momentum stalling following a feverish five-day rally.

BNB Leads, But Altcoin Rally Pauses

BNB climbed above the $800 level early Wednesday, reaching new highs, while ecosystem tokens like PancakeSwap (CAKE) and memecoin Floki (FLOKI) rose as much as 10%.

Still, broader altcoin momentum has slowed. Solana (SOL), up 18.2% over the past week, fell 1.3% over the last 24 hours. Cardano (ADA) and XRP, which gained 14.9% and 17.1% respectively over the past week, are now trading flat. Even Dogecoin (DOGE), which surged 27.1% amid ETF speculation and Bit Origin’s $500 million mining reserve, is cooling off.

Despite the stall, sentiment remains bullish. The Crypto Fear & Greed Index hit 74, just below the “extreme greed” mark of 75 — a zone that has historically preceded local market tops.

“A push into extreme greed likely needs a new catalyst,” said Kuptsikevich. “That could be ETF approval for staking or broader inclusion of altcoins in spot products.”

Fed Under Pressure as July Cut Unlikely

Looking ahead, attention is turning to the U.S. Federal Reserve’s July 30 policy meeting. President Trump and several of his appointees have called for immediate rate cuts, even as inflation remains stubbornly high — placing the Fed under rare public pressure.

Chair Jerome Powell is widely expected to hold rates steady, but divisions within the FOMC have sparked concern. A Reuters poll found that over 70% of economists now fear for the central bank’s independence.

Markets currently price in a 53% chance of a September rate cut, but with reciprocal tariffs set to kick in on August 1, crypto investors are watching closely for any hint of dovish policy shifts.