Key facts
- Bitcoin traded near $65,800 ahead of the Federal Reserve's rate decision.
- Uniswap's UNI surged 22.5% after Standard Chartered initiated coverage with a $100 price target by 2030.
- Hyperliquid's HYPE and Solana posted strong weekly gains.
- Ether gained 1.4% to $1,793, up 10.4% on the week.
- Brent crude oil prices dropped below $79 a barrel.
- US stocks showed weakness, with the Nasdaq 100 declining.
Bitcoin remained largely unchanged around $65,800 as investors awaited the Federal Reserve's upcoming interest rate decision, despite a weekly gain of over 7%. The market saw a rotation of capital into altcoins, with Uniswap's UNI token experiencing a significant surge of 22.5% following a positive report from Standard Chartered. Other altcoins, including Hyperliquid's HYPE, Solana, and Ether, also posted strong weekly gains.
The macroeconomic environment showed improvement for risk assets, partly due to falling oil prices. Brent crude dipped below $79 a barrel, its lowest in over three months, driven by expectations of increased supply from Iran following a prospective deal that would allow the resumption of its oil exports. This development, coupled with a rally in bonds, created a more favorable backdrop for riskier investments.
US stocks, however, experienced some softness, with the Nasdaq 100 declining nearly 2% on Tuesday, influenced by a pullback in chipmakers. The Federal Reserve's upcoming decision is seen as crucial for Bitcoin's next move, especially as capital appears to be shifting towards altcoins rather than the leading cryptocurrency.