Bitcoin Holds Steady as Altcoins Rally Ahead of Fed Decision

Bitcoin remained largely unchanged on Wednesday as investors shifted their attention toward altcoins, signaling a broader capital rotation across the cryptocurrency market. While the leading cryptocurrency traded near $65,800, down 0.3% over the past 24 hours, it still posted a strong 7.4% gain for the week, according to CoinDesk data. Traders appeared cautious ahead of the Federal Reserve’s first interest rate decision under newly appointed Chairman Kevin Warsh.

The strongest momentum emerged in the altcoin market. Uniswap’s UNI token surged 22.5% to $3.53 after Standard Chartered initiated coverage with an ambitious $100 price target for 2030. Geoffrey Kendrick, the bank’s head of digital assets research, described Uniswap as a critical infrastructure layer for the growing on-chain economy, boosting investor confidence in the decentralized exchange platform.

Other major altcoins also delivered notable gains. Hyperliquid’s HYPE climbed 7.8% on the day and 34.3% over the past week, while Solana advanced 14.7% during the same period despite trading flat on Wednesday. Ether rose 1.4% to $1,793 and recorded a weekly gain of 10.4%. XRP, however, slipped 0.9% to $1.22.

The broader macroeconomic environment continued to improve for risk assets. Brent crude oil dropped below $79 per barrel, marking its lowest level in more than three months after a sharp 15% decline over four trading sessions. The sell-off reflects expectations that a new U.S.-Iran agreement to reopen the Strait of Hormuz could significantly increase global oil supply.

Under the proposed deal, Iran would be allowed to resume oil exports immediately and gain access to a $300 billion development fund. In return, Tehran would commit to abandoning any pursuit of nuclear weapons. The U.S. Treasury is expected to grant waivers for Iranian crude and petrochemical exports once the agreement is finalized.

Lower oil prices have helped ease inflation concerns, contributing to gains in bond markets. Australian and Japanese 10-year government bond yields each fell roughly five basis points, while U.S. equity markets showed mixed performance. The Nasdaq 100 dropped nearly 2% on Tuesday amid weakness in semiconductor stocks, although S&P 500 futures edged 0.2% higher.

Despite the improving macro backdrop, bitcoin has struggled to outperform. The cryptocurrency has closely tracked broader risk assets throughout recent geopolitical developments involving Iran. As a result, market participants are closely watching the Federal Reserve’s policy outlook, which could shape the next major move in digital assets. For now, investor capital appears to be flowing into altcoins rather than bitcoin, highlighting growing appetite for higher-risk opportunities across the crypto market.