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Bitcoin rises to $92.6K ahead of possible Fed rate cut
Bitcoin traded higher on Wednesday after a modest rebound, as investors positioned themselves ahead of the widely expected interest rate cut by the U.S. Federal Reserve later in the day, although gains were capped by expectations of hawkish policy signals.
The world’s largest cryptocurrency was up 1.2% at $92,672.7 as of 09:55 Moscow time. On Tuesday, it briefly climbed above $94,000.
Bitcoin has remained in a sideways range in recent days after one of its sharpest monthly declines in years in November, when risk assets broadly retreated.
The Fed is expected to deliver a “hawkish” rate cut
Markets are pricing in an over 85% chance of a 25-basis-point rate cut later today.
However, investors expect policymakers to signal that further easing is not guaranteed, given still-elevated inflation and internal disagreements within the Federal Open Market Committee.
With the outcome expected later on Wednesday, comments from Fed Chair Jerome Powell — along with updated economic projections — will be key in shaping sentiment.
A hawkish tone could strengthen the U.S. dollar and lift Treasury yields, reducing appetite for non-yielding risk assets such as Bitcoin.
It could also slow inflows into crypto-linked exchange-traded products, which surged earlier this year amid optimism about the global AI-driven investment cycle and growing institutional participation.
As global markets remain uncertain and volatility indicators elevated, analysts expect Bitcoin to trade within a narrow range until the Fed decision provides clearer direction.
Banks may act as crypto intermediaries — U.S. banking regulator
U.S. banks will now be permitted to act as intermediaries in cryptocurrency transactions, the Office of the Comptroller of the Currency (OCC) said on Tuesday, a move aimed at more deeply integrating traditional finance with the digital asset sector.
Under the new guidance, national banks may conduct “riskless principal” transactions — effectively acting as brokers in crypto trades by buying and simultaneously reselling assets without holding them on their own balance sheets.
The change is part of a broader regulatory initiative by the current administration to reduce barriers between Wall Street and the crypto sector.
Crypto prices today: altcoins rise; Ethereum jumps 7%
Most altcoins also traded higher on Wednesday, with gains significantly outpacing Bitcoin.
Ethereum, the world’s second-largest cryptocurrency, jumped 6.8% to $3,323.92.
XRP, the third-largest crypto asset, rose 2% to $2.08.
Solana gained 5%, while Cardano surged 9% and Polygon added 2.5%.
Among memecoins, both Dogecoin and $TRUMP climbed nearly 4%.
See also: "Major Wall Street Banks Downgrade Bitcoin Forecasts"
