Bitcoin rose 0.75% to $64,328, clawing back some of Tuesday's losses after a volatile 48 hours that saw it spike to $66,700 last week before crashing to $62,400 following a rout in South Korean stocks. The market is holding steady ahead of the Federal Reserve's interest-rate decision later Wednesday.
Inflation running at 4.1% makes the case for the Fed to raise the fed funds target rate for the first time in three years. Balanced against that, a pause in Iran-U.S. hostilities has taken some of the heat out of oil prices and slightly trimmed the odds of an increase.
Traditional markets showed a similar cautious posture. S&P 500 and Nasdaq 100 index futures were fractionally positive, gold held above $4,000 and silver gained 1.40%, suggesting investors are hedging rather than committing ahead of the announcement. The CoinDesk 20 Index added 0.41% since midnight UTC, with 10 members advancing and 10 declining. Ether (ETH) was down 0.13% on the day.
DeFi and altcoin moves
- Jupiter (JUP) rose 5.79% to lead a DeFi recovery, extending a run that has seen it rise in three of the past four days.
- FET fell 4.60% since midnight and 6.78% over 24 hours, now down nearly 14% over the past week as the AI token sector's early-July momentum continues to unwind.
- PUMP shed 5.14% at $0.001899, giving back most of last week's speculative gains as retail enthusiasm fades.
- Monero (XMR) gained 1.82% to $347, extending a run of outperformance from the privacy coin sector.
Source: CoinDesk
