Crypto News Today: Hawkish Fed, a $70M Wallet Hack and Bitcoin's Shaky Start to August
The week of 27 July to 2 August delivered an unusually dense run of catalysts: a hawkish hold from the Federal Reserve, the largest hardware wallet failure in Bitcoin's history, a month-end ETF redemption wave and a market structure bill running out of legislative runway.
$Bitcoin absorbed all of it and closed the week down roughly 2%, trading at $63,153 as of midday Sunday. That muted reaction is arguably the week's most informative data point, and it suggests a market that has already discounted a substantial amount of negative news.
The following is a breakdown of what moved, why it matters, and the scheduled events most likely to drive prices over the coming week.
What was the biggest crypto news this week?
Four developments carried material weight:
- The Fed held rates, but three officials voted for a hike, lifting September tightening odds above 60%.
- A firmware flaw in Coldcard hardware wallets was linked to approximately $70 million in stolen Bitcoin.
- US spot Bitcoin ETFs closed the week negative following a heavy month-end redemption day.
- The CLARITY Act reached the Senate recess window with no floor vote scheduled.
Secondary items, including Tether's quarterly profit and Solana's tokenized equity volumes, sit beneath those four in terms of market impact.
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