Bitcoin slips below $80,000 as cryptocurrencies weaken ahead of Fed decision

Ripple's Swell conference featured announcements including a partnership with Robinhood, expanded ties with BNY Mellon, and a new corporate treasury product. Treasury Secretary Scott Bessent highlighted the role of stablecoins in extending the dollar's global reach. Ripple also received a federal bank charter for managing reserves. The company is positioning itself as a provider of dollar-backed infrastructure.

Ripple and Robinhood partnered to integrate Ripple's $RLUSD stablecoin into Robinhood's retail and institutional platforms. $RLUSD is live on Robinhood Chain and Bitstamp, with app integration expected later this year. $XRP, the native asset of the XRP Ledger, traded at $1.32, up 2.2% over 24 hours, with a market cap of $83.7 billion. The deal expands stablecoin access and institutional settlement services, with Ripple Treasury and Ripple Prime also integrated.

Bitcoin rose above $80,000, up 1.20% in 24 hours, driven by a tech stock rally and easing geopolitical tensions. Ethereum and XRP also gained. U.S. consumer confidence improved, and the Crypto Fear and Greed Index rose to 45. However, Bitcoin ETFs saw net outflows in October, and corporate purchases slowed. The Fed's rate decision and upcoming economic data could impact Bitcoin's momentum.

Morgan Stanley's chief US economist Michael Gapen expects the Federal Reserve to hold rates but signal further hikes ahead. The tone of the statement could impact rate-sensitive assets like Bitcoin (BTC). Gapen anticipates potential dissents and notes that energy costs may influence the Fed's decision pace.

The US dollar remained steady ahead of the Federal Reserve's policy decision, with expectations of no rate change. The New Zealand dollar fell 1.7% after the RBNZ held rates unexpectedly. The Australian dollar gained slightly following inflation data release. Fed funds futures indicate a 91% chance of no rate change, with focus on December's probability. Bitcoin and ether showed minimal movement.

XRP gained 3.14% after Ripple received U.S. trust-bank approval, which allows it to manage reserves for its stablecoin and provide custody services. Positive holder and network metrics, along with a slightly risk-on crypto market, also contributed to the rise. XRP traded around $1.30 during the news. The approval is seen as a positive sentiment driver, though not a direct demand shock.