Uniswap jumps 22%, altcoins rally as bitcoin stalls before Fed rate decision

Uniswap's UNI token surged 22% as altcoins rallied while bitcoin stalled near $66,000 ahead of the Federal Reserve's first rate decision under new Chairman Kevin Warsh.

Bitcoin traded flat around $65,800 on Wednesday, down 0.3% over 24 hours but up 7.4% on the week, according to CoinDesk data. The largest cryptocurrency held near $66,000 as traders awaited the Fed's decision. Meanwhile, altcoins showed signs of a capital rotation, with Uniswap's UNI jumping 22.5% to $3.53 after Standard Chartered initiated coverage with a $100 price target by 2030. Geoffrey Kendrick, the bank's head of digital assets research, called the decentralized exchange a foundational layer of the on-chain economy. Hyperliquid's HYPE also rose 7.8% on the day and 34.3% on the week.

For cryptocurrency traders, the divergence between bitcoin and altcoins suggests a shift in risk appetite. The Fed's rate decision under new leadership could influence liquidity conditions and risk asset demand. A hawkish stance might pressure speculative assets, while a dovish outcome could fuel further altcoin gains. Traders can monitor real-time crypto prices on NowPrice to track the market's reaction.

Looking ahead, the Fed's rate decision and accompanying commentary will be the key catalyst. Markets will parse Warsh's tone for clues on the pace of future rate changes. Additionally, continued institutional interest in decentralized finance platforms like Uniswap could sustain altcoin momentum if broader market conditions remain supportive.