Bitcoin gives back chip-rally gains near $80,400 before Fed decision
Bitcoin slipped back to $80,440 after an early push above $81,600 faded ahead of the Fed decision, while DTCC launched tokenization and ETF inflows hit $176M.
Live chart · BTCUSD, ETHUSD, XRPUSD · TradingView
Bitcoin climbed above $81,600 overnight as an Asian chip rally spilled into crypto, then gave the move back ahead of today's Federal Reserve decision. It traded at $80,440 in the latest CoinGecko snapshot, almost exactly where it started the day.
Bitcoin
Bitcoin was down 0.02% over 24 hours and 3.95% over seven days. The 24-hour range ran from $80,360 to $81,636, so the price now sits near the bottom of that band. Spot volume was about $23.1 billion.
CoinDesk reported that Bitcoin rose above $81,400 as Asian chip stocks rallied. In a later live update, CoinDesk said Bitcoin had shed those early gains. Cointelegraph reported that a Morgan Stanley strategist said most of the correction is over, as Bitcoin tried to rebuild support at $80,000.
Chart: BTC/USD on TradingView.
Ether and the majors
Ether slipped 0.58% to $2,330.62 and is down 5.8% on the week. Cardano remains the weakest major, off more than 10% over seven days. Dogecoin posted the best 24-hour gain in the group, while BNB is the only one up on the week.
| Coin | Price (USD) | 24h % | 7d % |
|---|---|---|---|
| Ether (ETH) | 2,330.62 | -0.58 | -5.80 |
| BNB | 748.48 | -0.09 | +0.38 |
| XRP | 1.31 | -0.62 | -3.42 |
| Solana (SOL) | 100.87 | +0.04 | -5.59 |
| Dogecoin (DOGE) | 0.079193 | +1.46 | -3.77 |
| Cardano (ADA) | 0.202783 | -1.26 | -10.24 |
Breadth and sentiment
Total crypto market capitalization stood at $2.71 trillion, down 2.44% over 24 hours, according to CoinGecko. Bitcoin dominance was 59.4% and Ether dominance 10.5%.
The Crypto Fear & Greed Index read 51 today, up from 48 yesterday and still in Neutral territory. It has stayed between 48 and 54 since October 23, after sitting in Greed at 68 on October 22.
What is driving the market
The Fed. Decrypt reports that the Fed decides today at 2 p.m. ET and that traders see a hold as near certain. CoinDesk said the central bank is expected to hold but deliver a hawkish message to prepare markets for a December rate hike. On the currency side, our sister site covered how the dollar reached a two-week high on strong US data before the Fed.
ETF flows. US spot Bitcoin ETFs drew $176 million in the latest session and $286 million over two days, according to Cointelegraph. That narrowed October's net outflows to $26 million.
Tokenization. CoinDesk reports that DTCC's tokenization service went live on Canton Network and the private chain Besu, with JPMorgan, Citi and Morgan Stanley among 20 firms signed up. Separately, Decrypt reports that seven more companies, including JPMorgan Chase, Coca-Cola and Dell, objected to trading of their shares on the planned OKX-ICE tokenized stock venue, bringing the total to 33.
RLUSD rating. Following yesterday's Robinhood listing news, Decrypt reports that Moody's rated Ripple's $2.6 billion RLUSD stablecoin A2, citing its Treasury-heavy reserves. Moody's noted holders have no direct ownership interest in those reserves for now.
Security incidents. Decrypt reports that a breach at analytics vendor Amplitude hit a "small subset" of Coinbase customers, with funds not impacted. Decrypt also reports that South Korean exchange Bithumb said hackers accessed an internal system.
What to watch next
- Fed decision today at 2 p.m. ET, and any signal on a December move, per Decrypt and CoinDesk.
- Brazil's October 30 deadline for crypto brokerage notifications. CoinDesk reports that Itaú Unibanco became the first bank to formalize its operations under the new rules.
- CoinShares' Zcash ETP. Cointelegraph reports that Euronext halted the product ahead of its debut over settlement requirements, with the suspension in effect until the CSD supports settlement.
CryptoClick Desk
How we make this article: software gathers the market data and the news from the sources linked in the article, then cross-checks them. AI writes the text. People choose the sources, set the rules and run the process. Not investment advice.