Crypto market cap rises 1.07% to $2.23T as oil drops. FOMC meeting July 28-29 with 33% rate hike odds. Strategy buys back $25M STRC.
Alpha Score of 34 reflects weak overall profile with weak momentum, weak quality, moderate sentiment. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
The crypto market rose on July 27, with total market cap increasing 1.07% to $2.23 trillion. Bitcoin traded at $65,084, up 0.99%. Ethereum gained 4.05% to $1,957. Geopolitical tensions between the US and Iran eased, sending oil prices lower. Brent crude fell 7%, and WTI crude dropped 5.92%. Iran's spokesperson Baghaei said talks with Oman over the Strait of Hormuz had been positive.
The FOMC meeting on July 28-29 presents the next major catalyst. The market brief puts the odds of a rate hike at 33%. A rate increase would tighten financial conditions, potentially weighing on crypto prices. Consumer confidence data due on July 28 could shift rate expectations. The index is expected to come in at 92, up from 91.
Separately, Strategy, the company formerly known as MicroStrategy, announced a $25 million buyback of its STRC preferred stock to push the preferred stock toward its $100 par value. STRC rose 2.31% and MSTR climbed 2.48%. MSTR carries an AlphaScala Score of 32/100, a weak reading, reflecting the stock's recent underperformance.
Across the market, $299 million in liquidations occurred over the past 24 hours. Short liquidations totaled $230 million; long liquidations accounted for $69 million. The Fear and Greed Index sits at 30, in fear territory. The altcoin season index is at 56, indicating neutral conditions.
The FOMC decision and consumer confidence data will set the tone for the week. The consumer confidence report is due July 28.
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