Traders expect a quiet market ahead of the upcoming Fed rate decision.
The crypto market focus on Wednesday is the Federal Reserve interest rate decision scheduled for 2 p.m., though key volatility indicators suggest traders aren’t expecting major price swings.
The Fed is likely to hold rates steady between 3.5% and 3.75%, but all eyes will be on Chairman Jerome Powell’s post-meeting remarks. Traders are eager to see if the pause in rate hikes is temporary or if strong U.S. GDP figures and inflation forecasts have made the Fed more cautious. A temporary pause could boost Bitcoin and the broader market.
Volmex’s one-day implied volatility for Bitcoin remains around an annualized 40%, sitting midrange in the months-long 20%-60% span, which translates to a modest 24-hour swing of about 2%. One-day volatility for XRP, Ethereum, and Solana also points to only mild fluctuations.
Bitcoin recently surpassed $89,000, continuing its recovery from weekend lows near $86,000. Other major tokens are stabilizing as well including Hyperliquid’s $HYPE token up over 50% this week. The CoinDesk Memecoin Index (CDMEME) surged 17% in 24 hours showing renewed speculative activity in the market.
Besides the Fed the market is also watching whether the U.S. government can avoid another shutdown as Congress nears its funding deadline on Friday.
QCP Capital noted in a market update that a timely stopgap or agreement would reduce short-term risk and allow crypto to trade more like normal beta. A brief lapse might trigger a quick risk-off reaction that reverses once a deal is reached, but a prolonged standoff could tighten liquidity and force broader de-risking.
In traditional markets oil prices climbed to a four-month high. If the rise continues it could create global inflationary pressure weakening the likelihood of rate cuts. Stay vigilant.
What to Watch
Upcoming Events – Jan. 28Crypto: 1:00 p.m. – Hedera Network mainnet upgrade, expected to last around 40 minutes.
Macro:
9:45 a.m. – Bank of Canada interest rate decision (previous: 2.25%)2:00 p.m. – Federal Reserve interest rate decision (estimated: 3.75%, previous: 3.75%)2:30 p.m. – Fed monetary policy press conference
Earnings: Tesla (TSLA) post-market, estimated at $8.22 per share.
Token Events
Governance votes & callsJan. 28: Gala DeFi to host an X Spaces ‘Gala Meme Hour’ session.Floki is voting on the final rankings for the FlokiUltras3 Guerrilla Marketing Competition, inviting the community to order the top 20 shortlisted entries based on creativity and impact. Voting ends Jan. 28.CoW DAO is voting to renew team grants. This includes a 5% base allocation over four years and up to 10% in performance incentives linked to revenue milestones. Voting ends Jan. 28.
Unlocks
Jan. 28: SIGN$0.03789 to unlock 17.68% of its circulating supply worth $11.85 million.Jan. 28: JUP$0.2073 to unlock 1.7% of its circulating supply worth $10.49 million.
Token Launches
Jan. 28: Moonbirds (BIRB) to be listed on Binance Alpha, KuCoin, MEXC, and others.Jan. 28: SuperRare to launch the VORGIANS profile picture collection.
Conferences:
Day 1 of 3: WallStreetBets Live in Miami, Florida
Market Movements:
Bitcoin ($BTC) is up 0.25% since 4 p.m. ET Tuesday, trading at $89,204.11 (24-hour change: +0.84%)Ethereum ($ETH) is down 0.21% at $3,005.80 (24-hour change: +4%)CoinDesk 20 index is up 0.53% at 2,754.58 (24-hour change: +2.47%)Ether CESR Composite Staking Rate fell 5 basis points to 2.8%Bitcoin funding rate on OKX stands at 0.0069% (annualized 7.5091%
DXY is unchanged at 96.16
Gold futures are up 3.66% at $5,307.80Silver futures are up 6.3% at $112.63Nikkei 225 closed unchanged at 53,358.71Hang Seng closed up 2.58% at 27,826.91FTSE is down 0.3% at 10,176.97Euro Stoxx 50 is down 0.12% at 5,987.49DJIA closed on Tuesday down 0.83% at 49,003.41S&P 500 closed up 0.41% at 6,978.60Nasdaq Composite closed up 0.91% at 23,817.10S&P/TSX Composite closed unchanged at 33,096.40S&P 40 Latin America closed up 2.86% at 3,707.69U.S. 10-Year Treasury rate is up 2 bps at 4.243%E-mini S&P 500 futures are up 0.3% at 7,029.75E-mini Nasdaq-100 futures are up 0.76% at 26,271.00E-mini Dow Jones Industrial Average Index futures are unchanged at 49,171.00
Bitcoin Stats:
BTC Dominance: 59.54% (+0.01%)Ether/Bitcoin Ratio: 0.03372 (-0.57%)7-Day Avg. Hashrate: 902 EH/sSpot Hashprice: $39.69Total Fees: 2.3 BTC / $203,418CME Futures Open Interest: 121,380 BTCBTC Price in Gold: 16.9 ozBTC vs Gold Market Cap: 5.98%
Technical Analysis
Dogecoin Update
$DOGE has rebounded from its December lows, as shown in the daily candlestick chart on TradingView. The price needs to surpass the recent high of 15 cents from Jan. 6 to confirm a double bottom breakout, signaling a shift from bearish to bullish momentum.
Crypto Stocks:
Coinbase Global (COIN): closed $210.83 (-1.24%), pre-market $212.81 (+0.94%)Circle Internet (CRCL): closed $69.96 (-1.33%), pre-market $72.18 (+3.17%)Galaxy Digital (GLXY): closed $33.18 (+6.07%), pre-market $33.65 (+1.42%)Bullish (BLSH): closed $34.80 (-2.41%), pre-market $35.60 (+2.30%)MARA Holdings (MARA): closed $10.52 (+5.41%), pre-market $10.54 (+0.19%)Riot Platforms (RIOT): closed $17.55 (+8.13%), pre-market $17.62 (+0.40%)Core Scientific (CORZ): closed $19.94 (+4.67%), pre-market $20.29 (+1.76%)CleanSpark (CLSK): closed $13.27 (+6.67%), pre-market $13.30 (+0.23%)CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed $50.90 (+9.27%), pre-market $50.31 (-1.16%)Exodus Movement (EXOD): closed $15.48 (+5.16%)
Crypto Treasury Companies
Strategy (MSTR): closed at $161.58 (+0.62%), +0.27% at $162.02Strive (ASST): closed at $0.82 (+4.20%), -0.99% at $0.81SharpLink Gaming (SBET): closed at $9.99 (+6.50%), -0.20% at $9.97Upexi (UPXI): closed at $1.98 (+4.76%)Lite Strategy (LITS): closed at $1.32 (+2.33%)ETF Flows
Spot $BTC ETFs
Daily net flows: -$147.4 millionCumulative net flows: $56.34 billionTotal $BTC holdings ~1.29 million
Spot $ETH ETFs
Daily net flows: -$63.6 millionCumulative net flows: $12.38 billionTotal $ETH holdings ~6.06 millionSource: Farside Investors
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