The recent release of the hawkish Federal Open Market Committee (FOMC) minutes has significantly undermined the momentum of the cryptocurrency market, effectively knocking the legs out from under what had initially appeared to be a promising bounce back in digital asset prices. Investors reacted swiftly to the implications of the FOMC's statements, leading to a sharp decline in crypto values as concerns about tightening monetary policy overshadowed any optimism that had been building within the sector.
source: https://www.coindesk.com/markets/2025/08/20/hawkish-fomc-minutes-knocks-legs-out-of-crypto-bounce