The main news today from the crypto market

Today, July 31, 2025, could be a very volatile day in the crypto market. 

For now, it has strangely started as a quiet day. 

Yesterday, in fact, there was the press conference of the Fed chairman, Jerome Powell, who described overall a good picture but slightly worse than the expectations of the markets.

The decline in expectations for the next rate cut

There have been in particular two things that have made the markets change their mind. 

The first is that, despite a robust economic growth in the USA, even better than expected, there are starting to be signs of possible slowdowns due to the tariffs of Trump.

The second is that the negative impact of tariffs on prices, and therefore on inflation, has just begun to manifest, and it could slowly intensify in the coming months. 

All this has led to the collapse of the probabilities that the Fed might cut rates in September (yesterday they did not cut them). 

Before the press conference of Powell, there was less than a 40% chance that the Fed would not cut rates in September, while now they have risen well over 50%. 

The reaction of the crypto markets to the words of Jerome Powell

The reaction of the traditional stock markets was a clear appreciation of the US dollar, and a slight decline in the main indices. 

The mercati crypto instead reacted differently. 

In particular, the price of Bitcoin yesterday fell, along with stock indices, while the dollar strengthened, but then during the night it seems to have already fully recovered, unlike the stock indices. However, the US stock exchanges were already closed at that point, and in fact, the futures on the main US stock indices are now recovering.

Probably the key point today is precisely the expected volatility, which does not necessarily have to be unidirectional. 

Volatility, in fact, can also simply mean that prices move significantly in both directions, perhaps first downward and then upward. At this point, there would be nothing unusual, for example, if they turned downward again. 

Focus on Bitcoin (BTC)

The reference crypto remains absolutely Bitcoin during this period.

At this moment, it is showing signs of strong resilience, so much so that it has fully recovered the $118,000, and is only at -3.8% from the all-time highs of two weeks ago. 

In theory, there would be all the conditions for a clear correction, but in reality, the selling pressure for now remains really very low. In such a situation, it is difficult for the price to drop significantly unless the selling pressure rises, and indeed in case of an increase in buying pressure, the price could even rise. 

However, this does not seem to be a situation destined to last much longer. 

It has been going on for more than two weeks, and it does not seem to have such solid foundations to hold for much longer. 

From the USA, however, positive news continues to arrive for the crypto sector, particularly from the activity of the governmental crypto task force, even though for now it is still just statements. 

Ethereum (ETH) shines on the markets

At this moment, the main protagonist of the crypto market among the altcoins is Ethereum. 

Even its performance in the medium-short term even surpasses those of Bitcoin. 

The prezzo di ETH is at almost -2% in the last 24 hours, against the substantial 0% of BTC, and it is also at +9% in the last seven days, against the +1% of the main cryptocurrency in the world. 

Furthermore, in the last 30 days the price of Ethereum has risen by 57%, against the +11% of Bitcoin. 

Instead, since the beginning of the year ETH is just at +16%, while BTC is at +27%.

This dynamic is easily explained by recalling the collapse of Ethereum’s price from February to April, which fell even below the levels prior to the Trump-trade of November and by a significant amount. 

While Bitcoin has updated its all-time highs from January twice (in May and July), not only has Ethereum not even managed to get close to the all-time highs of 2021, but it has also not yet managed to recover the local highs reached during the Trump-trade. 

The best altcoins at the moment

Among the main altcoins, three stand out in particular for their recent price performance.

The first is Bitcoin Cash (BCH), with +2.5% compared to yesterday and +17% compared to seven days ago. However, it should be remembered that it is still at a significant -86% from the all-time highs recorded at the end of 2017. 

The second is Hedera (HBAR), with +4.5% compared to yesterday and +16% compared to seven days ago.

Hedera has for a few days seemed to have awakened, and even though it is still at -54% from the 2021 highs, it might have entered a bull phase.

The third is Toncoin (TON), with +3% in the last 24 hours and +14% in the last seven days.

TON is a cryptocurrency to follow closely because it is the foundation of the crypto platform of Telegram.

Recently, Telegram is once again introducing several new features within its ecosystem, many of which have to do with crypto. 

Note that the trend over time of the price of TON tends to be slightly less influenced by that of Bitcoin and Ethereum in the medium/long term, and this simplifies a bit the crypto-to-crypto trading of TON in BTC. Generally, in fact, the price of TON tends to move with a slight delay compared to that of Bitcoin, and this makes it slightly less difficult to make predictions about it.