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DOGE, XRP Down 3% as Bitcoin Traders Eye Wednesday Fed Decision

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The crypto market was little changed-to-lower on Tuesday, with dogecoin (DOGE) and XRP leading declines among major tokens with losses of just over 3% in the past 24 hours. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, fell 2%.

The lack of volatility comes as bitcoin (BTC) traders largely brace for the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, which could set the tone for monetary policy and influence risk assets including cryptocurrencies.

The Federal Reserve’s decision on interest rates — widely expected to remain unchanged at 4.25%–4.50% — and any comments from Chair Jerome Powell could sway investor sentiment. A hawkish stance, signaling tighter policy or a slower path to rate cuts, might pressure bitcoin and lead to more pronounced losses in altcoins. Conversely, a dovish tilt hinting at future easing could spark a relief rally.

“A rate cut this Wednesday remains highly unlikely as the U.S. pivots away from fiscal dominance, where government spending fueled growth, toward [President Donald] Trump’s push for deficit reduction,” traders from QCP Capital shared in a broadcast message Tuesday. “The shift puts the burden back on monetary policy. While we do not anticipate a surprise cut, any dovish signal from Powell could be the catalyst that sparks upside momentum.

“Capital may be rotating out of Trump-driven momentum trades like NASDAQ and Bitcoin and into long-overlooked European and Chinese markets. Historically, crypto prices have lagged shifts in global liquidity conditions,” QCP Capital traders added.

Agne Linge of WeFi noted that broader market volatility remains elevated, with the crypto fear and greed index at 22 — indicating «extreme fear» — as investors grapple with uncertainties around inflation, trade wars, and geopolitical tensions.

“In the United States, the S&P 500 and Nasdaq Composite recorded their fourth consecutive weekly declines last week, with the Dow Jones dropping by 3.1% to record its worst weekly turnover in about 24 months. While the previous week saw an unusual drawdown, more uncertainty lies ahead for the rest of the month,” Linge said, noting any macroeconomic headwinds could ultimately weigh down bitcoin prices.

At Bitget Research, chief analyst Ryan Lee said bitcoin remains in a tight range with a move to either $75,000 or $90,000 equally likely, based on how traders react to the U.S. rate decision.

“Bitcoin’s recent pullback has traders watching key support levels between $82,000 and $85,000. It’s a classic post-rally consolidation phase that is healthy but also a test of whether the recent momentum has real staying power,” Lee said in an email to CoinDesk. “Any unexpected FOMC moves could throw a wrench into the market.

“If sentiment turns bearish, we could see Bitcoin dip toward $75,000–$80,000, though a bullish macro backdrop could send it climbing back to $90,000,” he added.

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Tom Lee’s BitMine Sells Stock at $70 to Raise Additional $365M for ETH Treasury

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BitMine Immersion Technologies (BMNR), chaired by Tom Lee, said Monday it now controls more than 2% of ether’s supply and raised $365 million to expand its holdings.

The company announced this morning that its treasury, valued at $11.4 billion as of Sept. 21, consists of 2,416,054 ETH at $4,497 per token, 192 bitcoin (BTC), $345 million in cash and a $175 million equity stake in Eightco Holdings.

BitMine described itself as the world’s largest public holder of ether and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy Inc. (MSTR).

BitMine is chaired by Tom Lee, who is also head of research at Fundstrat and chief investment officer at Fundstrat Capital.

Lee said the company is pursuing what he calls the “alchemy of 5%,” aiming to accumulate 5% of the total ETH supply. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum,” Lee said.

Raising funds to grow the treasury

A few hours later, BitMine announced a securities purchase agreement with an institutional investor covering 5.2 million shares of common stock at $70 per share — about 14% above its Sept. 19 close — along with warrants for up to 10.4 million additional shares at $87.50.

The offering is expected to raise $365 million in gross proceeds, with the warrants potentially adding another $913 million, bringing total potential proceeds to about $1.28 billion.

Lee said the primary use of funds would be to expand BitMine’s ether holdings, calling the premium pricing “materially accretive” to existing shareholders.

BitMine added that institutional demand reflected growing interest in ethereum as Wall Street integrates blockchain into financial infrastructure.

As of 11:13 a.m. ET, BMNR shares were trading around $55.79, down 9% on the day, according to Google Finance.

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Clock’s ticking: Get hands-on experience volunteering at TechCrunch Disrupt 2025

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September 30 is the final deadline to apply to volunteer at TechCrunch Disrupt 2025 — and we’re officially in countdown mode. Whether you dream of launching your own startup, building community, or producing global-scale events, volunteering gives you an unmatched, behind-the-scenes look at how a world-class tech conference comes to life in San Francisco.

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PayPal Ventures Invests in Stable to Expand PYUSD Reach

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PayPal Ventures has invested in Stable to bring PayPal USD (PYUSD) to Stablechain, aiming to expand its distribution and make global payments faster and cheaper, according to a blog post Monday.

Stable’s blockchain, built for stablecoin transactions with sub-second finality and low fees, is designed to fix the infrastructure issues that have slowed adoption, the company said.

The size of the investment was not disclosed.

Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing among other things a payment infrastructure, and are also used to transfer money internationally.

Tether’s USDT is the world’s largest stablecoin, followed by Circle’s (CRCL) USDC.

Both companies said the move will unlock new commerce use cases, particularly in emerging markets where dollar-based payments have the biggest impact.

With PYUSD now live on Stablechain, the partnership marks a step toward taking stablecoins beyond crypto-native use and into everyday payments and financial products, Stable said.

Read more: U.S. Stablecoin Battle Could Be Zero-Sum Game: JPMorgan

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