Bitcoin Pulls Back Ahead of FOMC Meeting as Uniswap Surges

Bitcoin's price retreated to $64,708 from its recent high of $67,000 on Wednesday, as crypto markets adjusted their positioning ahead of the Federal Open Market Committee's interest-rate decision under new Fed Chair Kevin Warsh.

The CoinDesk 20 Index fell 1.2% since midnight UTC, with most tokens declining except for Uniswap's UNI token, which surged 20% over 24 hours and extended its seven-day winning streak to mark the token's longest consecutive run since August 2023.

Markets are expecting no change to the federal funds rate at today's meeting, but the focus is on what Warsh signals in his post-meeting press conference, particularly regarding inflation views and his assessment of the improved oil-driven backdrop.

The catalyst behind UNI's rally is a Standard Chartered note from Geoffrey Kendrick, who initiated coverage of UNI with a $100 price target for 2030, approximately 40 times the current price. Kendrick argues that Uniswap will capture an outsized share of the flow into DeFi protocols as regulatory frameworks mature.