Bitcoin and other cryptocurrencies retreat ahead of the Federal Reserve’s rate decision and new Chair Kevin Warsh’s first press conference.
Cryptocurrency markets edged lower as Federal Reserve Chair Kevin Warsh presided over his first Federal Open Market Committee meeting. Bitcoin (BTC) fell 1.4% to $65,174, while XRP and Ethereum (ETH) declined 1.7% and 2%, respectively, to $1.19 and $1,763. Solana (SOL) dropped over 2% to $72.48, contributing to a 1% slide in total crypto market capitalization to $2.32 trillion.
The Fed is widely expected to hold interest rates steady, with a 99% probability according to the CME FedWatch Tool. The decision, followed by Warsh’s press conference, marks a pivotal moment for the central bank’s communication strategy and risk assessment under new leadership.
Market participants are closely watching for signals on the Fed’s balance of risks and potential shifts in monetary policy, which historically influence crypto valuations by altering the cost of capital across asset classes.