Crypto Today: Bitcoin, Ethereum, XRP Trim Breakout Gains as Focus Shifts to Fed Decision

💡 Bitcoin, Ethereum, and XRP trimmed their breakout gains as the focus shifted to the highly anticipated Federal Reserve decision.

The Federal Reserve delivered a hawkish surprise on Wednesday, signaling that interest rate cuts remain further away than markets had hoped. Fed Chair Jerome Powell told reporters that the central bank needs 'greater confidence' that inflation is sustainably declining before it will consider easing policy.

The 10-year Treasury yield surged to 4.8% in the aftermath, its highest level since October 2023. $TLT fell sharply as bond traders repriced the timing of the first cut from March to June.

Bitcoin, Ethereum, XRP Trim Breakout Gains

Bitcoin and Ethereum trimmed their gains in the wake of the Fed's hawkish tone, with $BTC falling 2.5% and $ETH declining 3.1%.

Crypto Market Volumes Surge

Crypto market volumes surged as traders responded to the Fed's decision, with $BTC experiencing a 25% increase in trading volume.

XRP Price Action

XRP saw its price action become increasingly volatile as the Fed's decision weighed on the market, with the token experiencing a 12% decline.

What It Means for Investors