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Bitcoin today: stable around $74K ahead of the Fed decision
On Wednesday, Bitcoin remained largely stable after a brief rally in the previous session, as investors showed caution ahead of the closely watched U.S. Federal Reserve (Fed) monetary policy decision and new regulatory signals.
The world’s largest cryptocurrency was last trading 0.2% higher at $74,207.9 as of 06:27 GMT.
Bitcoin had previously climbed close to $76,000 before losing momentum.
Fed decision approaches; Powell’s comments expected
Market participants are now focused on the Fed’s interest rate decision, expected later in the day, with expectations that rates will remain unchanged amid rising uncertainty.
Attention will instead be on remarks from Fed Chair Jerome Powell, particularly regarding inflation risks linked to the recent rise in oil prices driven by escalating tensions in the Middle East.
Crude oil prices have risen above $100 per barrel, as the conflict involving Iran continues to disrupt energy flows, raising concerns that persistent price pressures could delay any policy easing and weigh on risk assets such as cryptocurrencies.
Geopolitical risks remained elevated after reports that Israel killed Iran’s security chief Ali Larijani, while Iran resumed strikes on oil facilities in the UAE, further heightening market concerns.
The U.S. Producer Price Index (PPI) for February is also due on Wednesday, providing a fresh gauge of wholesale inflation ahead of the Fed decision.
SEC clarifies cryptocurrency classification framework
Meanwhile, regulatory developments provided some support to sentiment.
The U.S. Securities and Exchange Commission (SEC) issued new guidance explaining how cryptocurrencies will be classified, dividing tokens into categories such as:
- digital commodities
- stablecoins
- digital securities
Only the latter fall under federal securities laws.
In essence, the SEC has introduced a functional “taxonomy” for digital assets, aimed at determining which tokens are subject to securities laws and which are not.
This is a critical issue for markets, as assets classified as securities must comply with strict registration, disclosure, and investor protection requirements.
Crypto today: altcoins rise in range-bound trading
The second-largest cryptocurrency Ethereum rose 0.5% to $2,328.45.
The third-largest cryptocurrency XRP gained 1% to $1.53.
Solana added 0.7%, while Cardano jumped 2.5%, and Polygon rose 1%.
Among meme tokens, Dogecoin gained 0.8%.
See also: "PayPal’s stablecoin will be available in 68 more countries"
