Bitcoin has seen limited changes over the past decade, with proposed updates causing controversy within the community. However, it is necessary for the protocol's future to have fundamental updates and functional second-layer applications. The process of ossification, where it becomes difficult to alter the underlying protocol due to numerous built-on applications, is a concern for Bitcoin's future.

The US Federal Reserve has increased interest rates by 25 basis points, reaching their highest level in 22 years at 5.25-5.5%. Fed Chair Jerome Powell stated that the Fed may hike interest rates further depending on incoming US economic data. However, most analysts believe that this was the last interest hike of this tightening cycle, and the Fed will pause for the rest of the year.

The Federal Reserve's decision to raise the Federal Funds Rate (FFR) to 5.50% had little impact on the cryptocurrency market and Bitcoin. The central bank's cautious approach was seen as a sign that it is still concerned about the potential impact of its monetary policy on the broader economy. Despite the Fed's decision to raise rates, they may raise them again in September, depending on the data. Bitcoin's technical indicators suggest that it may be poised for a rebound shortly, which could be welcome news for investors and traders alike.

Bitcoin experienced a slight increase in price following the expected 25 basis point interest rate hike by the U.S. Federal Reserve. The federal funds rate target range is now 5.25%-5.5% after the Federal Open Market Committee meeting on Wednesday. Despite remaining within a narrow range of $29,000 to $31,500 for over a month, the world's largest cryptocurrency by market capitalization rose by 0.3% to $29,354 according to CoinGecko.

Binance's "Half-Year Report 2023 July 2023" provides insights into the current state of the crypto market, showing positive growth in market capitalization on a quarterly, half-yearly, and annual basis. Despite facing challenges in the first half of the year, the crypto industry has demonstrated resilience, with a surge in institutional interest and adoption.

Altcoins have dominated the market in July 2023, with Ripple's victory over the SEC lawsuit and Bitcoin consolidating. Bitcoin's transaction volume dominance decreased by 8% in July, while altcoins like Dogecoin have gained popularity. Bitcoin's dominance across all top 25 centralized exchanges is at its lowest level since April 2023, and offshore exchanges have seen a decline in BTC trading activity due to a surge in altcoin trading volume in South Korea. Altcoin liquidity has also slightly increased since the beginning of July, with the 1% market depth for the top 10 altcoins by market cap growing by around $20 million. Dogecoin has seen a surge in trading volume and price, becoming the seventh-largest cryptocurrency by market cap.

Investment products related to Bitcoin have experienced outflows for the first time since June, when Blackrock filed for a spot Bitcoin ETF, according to a report by CoinShares. Outflows of $13 million were recorded for the week ending July 21, reversing five weeks of inflows. Short Bitcoin products also saw outflows of $5.5 million in the week. Ethereum and XRP investment products, on the other hand, recorded a combined inflow of $9.2 million over the last week, with Ethereum being the best performer. Despite this, Bitcoin remains the dominant digital asset investment product, with $558 million in inflows so far in 2023 and a total of $25.0 billion in assets under management.

Artists and hobbyists from around the world have created various monuments to showcase the significance of Bitcoin's digital nature. These tributes range from a bust of Bitcoin's mysterious creator, Satoshi Nakamoto, in Budapest to a stone sphere in Yekaterinburg, Russia, which has been altered many times over the years. One man, known as "Bitman" on Twitter, projects the Bitcoin symbol onto important buildings across Europe to educate people about the benefits of Bitcoin. The first-ever public monument to Bitcoin was unveiled in Kranj, Slovenia, in 2018, made of three tonnes of metal and funded by Bitcoin exchange Bitstamp and software company 3fs.

At the start of the week, sellers hold more power than buyers. Bitcoin has dropped by 2.66% in the past 24 hours and has broken the support level at $29,508. Ethereum's rate has only dropped by 1.47%, but is also testing a support level at $1,827. Cardano and Binance Coin are both experiencing declines, with Cardano's rate testing the $0.2996 support level and Binance Coin trading in a consolidation around $235. However, Dogecoin's rate has risen by over 4% and may experience a breakout if it closes around the resistance level at $0.07756.

The writer's opinion presented in the article should not be taken as financial, investment, trading, or any other type of advice. Shiba Inu's price has been fluctuating between $0.00000700 and $0.00000850 since the second half of June, coinciding with key order blocks. Bitcoin managed to close above $30k on Sunday, July 23, which is significant as it struggled to do so since July 19. The futures market for SHIB has shown a bearish inclination, with buying volumes and demand in futures markets easing since mid-July.

Bitcoin's value briefly dropped below $29,000 on Monday due to concerns about expected rate hikes from the Federal Reserve and European Central Bank. The world's largest cryptocurrency fell by 2.9% over the past 24 hours to $29,044. The Federal Open Market Committee is expected to announce a rate decision on Wednesday, with analysts predicting a 25 basis point hike to bring its target range to 5.25-5.50%. The ECB is also expected to raise rates by 25 basis points to 4.25% on Thursday, which could impact bitcoin's consolidation around the $29,000 mark.

Last week, Bitcoin investment products experienced an outflow of $13 million, while smaller cryptocurrencies like Ether and XRP saw inflows. This trend reversal came after several major catalysts for BTC investment, including BlackRock's filing for a BTC exchange traded fund, which spurred a month-long period of rapid inflows.

According to data from Banco Central de Reserva (BCR), the use of Bitcoin and other cryptocurrencies for remittances in El Salvador has significantly declined in the first half of 2023. Remittances to the country rose by 5.2% compared to the previous year, with traditional banking institutions processing $1.45 billion and dedicated remittance platforms handling $2.4 billion.

  The upcoming Litecoin (LTC) halving event on August 2 has generated significant hype in the community and is expected to lead the market rally in the coming week. Many industry stakeholders have been accumulating Litecoin in anticipation of the event, with whales buying over 590,000 LTC in the last 48 hours. The halving will impact Litecoin's scarcity and could potentially drive its price to new highs. Its success could also provide insights into Bitcoin's future performance, as Bitcoin's halving event is scheduled for next year.  

Bitcoin, the world's largest cryptocurrency by market capitalization, has rebounded from support at $29,500 and is currently trading just above $30,000. The cryptocurrency has been testing key short-term support levels in the mid-$29,000s multiple times this week, with the bulls holding firm for now. Bitcoin has been rangebound between $29,500 and $30,500 for almost a week, with a lack of notable US macro events and updates on US crypto regulation/institutional adoption. The upcoming US Federal Reserve meeting next week, where interest rates are expected to be lifted, could trigger some breakouts in the bitcoin market.

Bitcoin and Ripple have been the focus of the past week, with the total market capitalization decreasing by $11 billion due to investor uncertainty. Bitcoin's price has remained around the $30K level, with attempts to push above $31K being intercepted by bears. However, analyst Willy Woo believes that the rangebound trading may soon come to an end, leading to a major move. Meanwhile, the US Securities and Exchange Commission remains silent on the case against Ripple, and the week has been relatively quiet in terms of price developments.

The couple accused of laundering billions of dollars worth of Bitcoin linked to the 2016 Bitfinex hack have agreed to a plea deal with US authorities. Court records show that Ilya Lichtenstein and Heather Morgan will appear in court on August 3 for an arraignment and hearing as part of the agreement.

Tesla has reportedly removed Bitcoin from the source code of its payment page, while Dogecoin remains as a payment option. This comes as a surprise to the crypto community, as Tesla's CEO Elon Musk has been a big supporter of Dogecoin. However, Tesla has not made an official announcement regarding this move. Despite this, Tesla's Bitcoin holdings remain unchanged in Q2 2023.

Binance's 120-page report on the first half of 2023 highlights the crypto industry's resilience after the crypto winter. Bitcoin, stablecoins, DeFi, and NFTs have all experienced growth, with DeFi seeing a 43% year-to-date increase and NFT volume rising compared to the second half of 2022. The top 10 funds raised $3.6 billion in fundraising, and USDT increased its market share by 26%.

El Salvador's 2027 bonds have increased by more than 60% this year, coinciding with Bitcoin's 80% price surge. These government bonds are sold to investors to support government spending.