The Federal Reserve held interest rates at 3.50%-3.75% at this week's FOMC meeting, and Bitcoin settled around $64,000 after a choppy seven days. The largest cryptocurrency by market cap — now $1.28 trillion — saw its dominance over altcoins slip to 56.3% as tokens like Pi Network and Talus posted sharp gains.
Bitcoin's weekly rollercoaster
Bitcoin rallied from under $64,000 to a monthly peak of $67,000 last week, then fell back to $64,600. It dipped further to $62,800 just before the Fed decision, before recovering to the $64,000 range. Monday's rise to $64,500 was helped by news of de-escalation in the Middle East war over the weekend.
Altcoins see mixed action
Pi Network's native token reclaimed the $0.08 resistance level after a 6% rally. The team announced a forthcoming protocol update. Talus surged 20% in a single day and 600% over the past month, cracking the top 100 altcoins by market cap. UNI gained 4-5%, while HYPE dropped 3% to under $54. DOGE fell over 1%, and ETH, XRP, SOL, and RAIN each slipped up to 1%.
Fed holds steady as Middle East tensions ease
The Fed's decision to keep rates unchanged was widely expected. The more notable macro factor for crypto this week was the weekend de-escalation in the Middle East, which gave Bitcoin a lift on Monday. The timing isn't great for bears — the $62,800 low held, and the market is now watching whether Bitcoin can reclaim the $67,000 level it touched just days ago.
