Bitcoin Steadies Ahead of Fed Decision as Uniswap Jumps on Stanchart Target

Bitcoin Holds Within Tight Range Before Fed Meeting Outcome

Bitcoin slipped 0.3% to $65,847.7 by 01:32 ET (05:32 GMT) on Wednesday, consolidating after a recent recovery rally that had been supported by optimism over a potential U.S.-Iran peace deal. The move left the world’s largest cryptocurrency largely directionless as traders awaited the conclusion of the Federal Reserve’s two-day policy meeting later in the day.

Spot Bitcoin exchange traded funds showed signs of easing outflows, offering some relief to the token, although the products remained under pressure after five consecutive weeks of substantial redemptions. Market participants were focused on the broader macro backdrop, including the expected signing of a memorandum of understanding between Washington and Tehran that is anticipated to end their recent conflict.

The Fed is widely expected to leave interest rates unchanged at this meeting, the first chaired by new Fed Chair Kevin Warsh. However, markets are closely watching his outlook for rates amid growing speculation that the central bank could be compelled to raise borrowing costs later this year. A recent energy-driven surge in inflation, following the U.S.-Iran war and the resulting increase in global oil prices, has fueled expectations of a potential hike. At the same time, the preliminary peace deal and subsequent decline in oil prices could influence any shift in the Fed’s stance.

For Bitcoin and other speculative assets, the prospect of higher or even steady interest rates is viewed as a headwind, as it reduces the relative appeal of risk-oriented investments.

Uniswap Rallies on Standard Chartered Price Target; Altcoins Mixed

Uniswap’s UNI token outperformed the broader market, rising 20.5% to $3.5130, near a one-month high. The move followed Standard Chartered’s initiation of coverage on the decentralized finance (DeFi) token, with a price target of $100 by the end of 2030.

Standard Chartered projected that UNI could reach $6.50 by end-2026, nearly double current levels, then $20 in 2027, before potentially advancing to $100 in 2030. The bank argued that Uniswap, described as the biggest decentralized exchange, could expand its role as a market infrastructure provider as tokenized assets increasingly migrate into DeFi. It expects Uniswap to gain a larger footprint in market settlement and trading operations, noting the exchange already offers tokenized versions of major stocks and has recently opened access to BlackRock’s BUIDL fund on its platform.

Broader cryptocurrency price action was subdued ahead of the Fed decision. Ether, the second-largest crypto asset, was an outlier, rising 1.7% to $1,792.81. XRP, Solana, and BNB each declined by less than 1%, while Cardano fell 2.6%. Among meme tokens, Dogecoin and $TRUMP were little changed.

FAQ

How did Bitcoin trade ahead of the Fed meeting?
Bitcoin fell 0.3% to $65,847.7 by 01:32 ET (05:32 GMT) on Wednesday, remaining in a tight range as markets awaited the Federal Reserve’s interest rate decision and outlook.

What is Standard Chartered’s price target for Uniswap’s UNI token?
Standard Chartered set a price target of $100 for UNI by the end of 2030, with intermediate targets of $6.50 by end-2026 and $20 in 2027.

Which cryptocurrencies moved the most among major altcoins?
Uniswap’s UNI rose 20.5% to $3.5130, while Ether increased 1.7% to $1,792.81. Cardano declined 2.6%, and XRP, Solana, and BNB each fell by less than 1%.