According to CoinMeta, Wu said that QCP Capital released a report stating that the Federal Reserve would maintain interest rates between 3.50% and 3.75%, but three officials supported a 25-basis-point rate hike. The Federal Reserve Chairman Kevin Warsh also downplayed the forward guidance, with the overall signal being hawkish. BTC once fell to $63,000 before rebounding to around $64,000. The annualized growth rate in the second quarter of the United States GDP slowed to 1.5%, and core PCE rose 3.3% year-on-year in June, indicating a slowdown in growth but inflation remaining sticky. After the FOMC meeting, the implied volatility of short-term options decreased, but the demand for long-term downside protection remained strong. QCP believes that although BTC closed higher in July and ETH performed relatively stronger, the crypto market has not yet formed a clear direction and will continue to be mainly influenced by interest rates, liquidity, and risk appetite.