Bitcoin had earlier this week been supported by easing outflows from spot exchange-traded funds, although spot ETFs were nursing five straight weeks of deep outflows
Bitcoin slid on Wednesday, after the U.S. central bank’s hawkish tilt to its updated dot plot weighed on speculative assets like cryptocurrencies.
The crypto dropped 2.1% to $64,386.8 by 21:37 GMT.
The U.S. Federal Open Market Committee (FOMC) on Wednesday unanimously voted to leave the federal funds rate unchanged at 3.50% to 3.75%, as widely expected. The FOMC released a revamped statement with significant changes from those under former chief Jerome Powell’s leadership.
The hawkish tilt to the dot plot was notable, with 9 of the 18 FOMC participants penciling in a rate hike this year and the overall projection switching to one 25 basis point rate hike from at least two 25 basis point rate cuts.
Bitcoin had earlier this week been supported by easing outflows from spot exchange-traded funds, although spot ETFs were nursing five straight weeks of deep outflows.
Uniswap’s UNI token rose sharply on Wednesday after Standard Chartered initiated coverage of the decentralized finance (DEFI) token with a $100 price target by end-2030.
UNI rose to as high as $3.7290, a near one-month high, before losing some ground to $3.3.
Stanchart argued that Uniswap – the biggest decentralized exchange – could become a larger market infrastructure player as tokenized assets move further into DEFI.
The brokerage expects UNI to hit $6.50 by end-2026– a near 100% jump from current levels– followed by $20 in 2027, before making its way to $100 in 2030.
Stanchart expects Uniswap to gain a greater presence in market settlement and trading operations amid a wave of increased interest in tokenized assets. The defi exchange already has tokenized versions of major stocks, and also recently opened access to BlackRock’s BUIDL fund on its platform.
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