Bitcoin Rises to $29.3K Ahead of Fed, With SOL Among Outperformers, LDO Leading Laggards

Bitcoin (BTC) has edged slightly higher ahead of an anticipated 25 basis point rate hike by the Federal Reserve to be announced at 2 pm ET. The cryptocurrency – which on Monday fell to a one-month low below $29,000 – is up 0.3% over the last 24 hours to $29,300. Its advance is roughly inline with the broad CoinDesk Market Index (CMI) which is higher by 0.35%.

Alongside that quiet action, a number of altcoins are making sizable moves higher on Wednesday, led by Origin Protocol's OGN token with a 28% advance. Also on the move is Compound's COMP, ahead 16.8%, Convex Finance's CVX, up 9.7% and Solana's SOL with a 6% gain.

Among those cryptos headed lower is Lido DAO's LDO, off 5%. The worst performer per CoinDesk data is AMP's AMP, lower by 13%.

"Inflation and rate concerns could be what [has been] keeping crypto prices depressed," Noelle Acheson wrote in her "Crypto is Macro" newsletter Tuesday. "These usually recover relatively quickly, but the new lower BTC level seems to be holding, reinforcing the idea that there are just not enough new buyers ready to take positions yet."

"Today's FOMC presser commentary could prove to be a crucial factor, potentially shaking both ETH and BTC out of their current consolidation patterns," said Sean Farrell, head of digital asset research and strategy a FundStrat. "As investors eagerly await the outcome, the question remains whether the market will finally break free from its lackluster state or continue to remain subdued," he added.

Dogecoin (DOGE)

Meme crypto Dogecoin (DOGE) is little-changed today following yesterday's 10% advance amidst speculation of its usage in the revamped Twitter platform.

UPDATE (July 26, 08:50 UTC): Updates section on Dogecoin, prices. Adds quote.

UPDATE (July 26, 17:06 UTC): Updates price action.