New Delhi, July 30 -- NEW YORK - Crypto trading desks went unusually quiet on Tuesday as Bitcoin hovered at $63,965, its price tethered to a single announcement from the Federal Reserve that every market participant had spent the day anticipating. The currency's 0.53 percent gain since the start of the session was a placeholder, not a verdict.

the Fed had "no tolerance for inflation" and would resist any political pressure to ease prematurely.

That language put the crypto market on notice. When Warsh last made hawkish signals, the market registered it fast. Bitcoin fell to $62,300 on July 14 in a session that combined a Fed rate-hike signal from Governor Waller, the Trump administration's 20-percent Strait of Hormuz cargo fee, and casca...