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Bitcoin Surges Past \$116,700 While Ethereum and Altcoins Hold Steady Before Fed Policy Update

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The cryptocurrency market is showing signs of steady momentum as investors await the outcome of the U.S. Federal Reserve’s policy decision scheduled for Wednesday. XRP remains at $3.01 (roughly Rs. 260), while Binance Coin (BNB) continues its upward push to $948 (roughly Rs. 82,000). Solana (SOL) saw a minor decline to $234 (roughly Rs. 20,300), and Dogecoin (DOGE) trades around $0.265 (roughly Rs. 260). Analysts say traders are closely monitoring institutional flows and macroeconomic signals, which will likely shape the market’s next direction.

According to Edul Patel, CEO of Mudrex, the crypto market is gaining traction, partly fueled by supply-side dynamics. He cited Glassnode data showing that more than 44,000 BTC were withdrawn from exchange reserves in September alone. This tightening of available liquidity could ease immediate selling pressure. Patel added that gold’s recent rally to record highs may reinforce Bitcoin’s bullish outlook, creating additional support for the world’s largest cryptocurrency.

Market analysts at CoinSwitch emphasized Bitcoin’s symmetrical trading pattern, suggesting that compression in price movement could lead to a decisive breakout. They also highlighted that the upcoming Fed decision is a key driver of market sentiment, with growing speculation around a possible 25 basis point rate cut. Softer inflation numbers and weaker labor market data have strengthened these expectations. Furthermore, discussions around the proposed U.S. Bitcoin Strategic Reserve Act are adding to the long-term bullish narrative, potentially influencing both demand and regulation.

CoinDCX researchers pointed out that Bitcoin registered a solid rise before the daily close, bolstering bullish momentum. The team noted that BTC continues to form higher highs and higher lows, which keeps altcoins in a phase of consolidation. While XRP and BNB have shown relative strength, ETH, SOL, DOGE, and ADA are struggling to defend key support zones. Sentiment remains cautious but steady, with investors awaiting both regulatory clarity—such as the SEC’s delayed review of the Truth Social Spot Bitcoin ETF—and the Fed’s policy announcement before making major moves.

Hong Kong’s HashKey to Launch $500M Digital Treasury Fund

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HashKey Group, Hong Kong’s leading licensed crypto exchange and digital asset manager, announced plans to launch a $500 million Digital Asset Treasury (DAT) fund, joining the wave of firms adopting bitcoin-style treasury strategies pioneered by U.S. software firm MicroStrategy (MSTR.O).

MicroStrategy, which began stockpiling bitcoin in 2020, now holds more than $63 billion in crypto, inspiring “copycats” worldwide. Collectively, such treasury adopters have amassed nearly 100,000 bitcoin, according to Standard Chartered.

HashKey said the fund will create a diversified DAT portfolio, initially focused on the Bitcoin and Ethereum ecosystems, with the goal of advancing crypto asset standardization and fostering a sustainable Web3 infrastructure.

“The strategy is not just a U.S. phenomenon — it’s spreading across Hong Kong, Japan, and other equity markets,” Binance founder Changpeng Zhao said at a recent Hong Kong bitcoin conference, noting how DAT adoption is gaining traction in Asia.

Founded in 2018, HashKey Group offers services spanning asset management, brokerage, tokenization, and runs Hong Kong’s largest licensed crypto exchange. By leveraging its global footprint, HashKey said it plans to both initiate and invest in leading DAT projects, accelerating institutional-grade adoption of blockchain technologies.

Bitcoin Hits Record High Amid Fed Easing Bets and U.S. Crypto Reforms

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Bitcoin reached a fresh all-time high on Thursday, climbing as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak from July. Ether, the second-largest cryptocurrency, also hit $4,780.04, its highest level since late 2021.

The rally is being fueled by growing expectations of Federal Reserve rate cuts, sustained institutional buying, and recent U.S. regulatory reforms under President Donald Trump. “Technically, a sustained break above $125k could propel BTC to $150,000,” noted IG market analyst Tony Sycamore.

Bitcoin has surged nearly 32% so far in 2025, supported by long-awaited regulatory wins, including stablecoin legislation and efforts by U.S. securities regulators to accommodate cryptocurrencies. Trump, who has branded himself the “crypto president,” has also promoted the inclusion of crypto assets in 401(k) retirement accounts through a recent executive order.

The executive order could boost asset managers such as BlackRock and Fidelity, which offer crypto exchange-traded funds (ETFs), although crypto’s higher volatility compared with traditional stocks and bonds presents risks for retirement savings.

The broader crypto market has also benefited, with total market capitalization rising to over $4.18 trillion, up from roughly $2.5 trillion in November 2024, following Trump’s election. The sector has shrugged off broader economic uncertainties, including the potential impact of tariffs, as enthusiasm grows for mainstream adoption.