On August 1st, QCP Capital, a Singapore-based crypto investment institution, published that the key message from yesterday's US FOMC (FOMC) meeting was that the Federal Reserve was clearly leaning towards a dovish stance: expectations of a rate cut in September have been fully absorbed by the market. Unfortunately, the rise in the stock market has not been reflected in the cryptocurrency market. Cryptocurrencies experienced a broad sell-off overnight into this morning. The market remains nervous as traders closely monitor the outflows of funds from the daily Ethereum ETF and further supply pressure from Mt Gox and the US government. In the longer term, discussions between US presidential candidates and senators about sovereign bitcoin reserves, and the potential for other countries to follow suit, could fundamentally change the cryptocurrency landscape. A "put" on the price of bitcoin by the US or a sovereign could have a significant impact, potentially making bargain-hunting a strategic investment method. Crypto markets could be in a range-bound state until the next catalyst.