Bitcoin and other cryptocurrencies experienced a dip following the release of the Federal Open Market Committee (FOMC) minutes, revealing a hawkish outlook. The minutes indicated that most participants viewed inflation risks as more significant than those related to employment. This statement disrupted a modest market rally that had seen Bitcoin advance by 0.7%, shifting it to just above the previous day's close at $113,300. Similarly, Ethereum's gains diminished from 4.5% to 2.3%. The timing of the Fed meeting was crucial, occurring before an unexpected jobs report revealed a downward revision of 258,000 jobs for June, which could have altered the Fed's tone if known earlier. All eyes are now on Fed Chair Jerome Powell's upcoming speech at the Jackson Hole conference, where indications of future rate cuts or shifts in policy will be closely monitored amid evolving economic data.

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