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Dogecoin Leads Gains in Major Cryptos Ahead of Fed Meeting
The crypto market advanced for a second day after plunging over the weekend.
Updated May 11, 2023, 5:29 p.m. Published Jan 26, 2022, 10:56 a.m.
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The broader crypto market recorded its second day of growth ahead of a U.S. Federal Reserve statement on Wednesday. Prices of bitcoin , ether and other major cryptocurrencies rose as much as 7% in the past 24 hours, with meme coin leading gains among the biggest assets by market capitalization.
Terra's LUNA tokens were among the only losers, posting a 4.6% decline, data from analytics tool CoinGecko showed.
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Wednesday’s Fed meeting may reveal the bank's stance on the timing of an interest rate increase that many observers expect will come in March.The Fed has said it will tighten monetary policy with up to four hikes this year to keep inflation in check, prompting a sell-off in asset markets across the globe during the last few months. Bitcoin fell as much as 25% in the past month, while the crypto market has lost upward of $1 trillion in market capitalization in the same period.
Some analysts say a tightened policy could see investors flee into safer assets, which could, in turn, lead to a further drop in cryptocurrency prices.
“If the regulator tightens its rhetoric and announces the upcoming rate hike as early as March, all risky assets, including cryptocurrencies, could suffer significantly,” Alex Kuptsikevich, a senior financial analyst at FxPro, said in an email to CoinDesk.
Bitcoin held above $37,000 in European morning hours on Wednesday after dropping to under $33,500 on Monday, a move that caused the majors to fall as much as 25% at the time. The market has since recovered, with bitcoin, solana and ether rebounding to last week’s price levels.
Tokens of some layer 1, or base, blockchains led gains outside of the top 10 cryptocurrencies by market capitalization. and have surged over 11% in 24 hours as investor demand rebounded after Monday’s drop.
Prices of MATIC were buoyed by the appointment of ex-YouTube gaming head Ryan Wyatt as CEO of Polygon Studios, a development lab that supports the creation of blockchain games and non-fungible tokens (NFT) on the Polygon network. Wyatt previously led YouTube's virtual- and augmented-reality projects and is expected to structure partnerships and investments in the Polygon ecosystem.
Some traders said a correlation between crypto prices and risky assets such as technology stocks exists as they share a similar set of investors.
“Crypto is owned by the same people that own growth stocks," Haseeb Qureshi, founder of crypto investment fund Dragonfly Capital, said in a telephone interview. "When they start cutting risk, they cut back on crypto. That’s how the correlation is built.”
Cause for concern may be short lived. There are "lots of reasons to believe that the secular macro rate of interest is still low. Interest rates are low because of incremental technology growth. Crypto is one of the few things that people realize has broad growth potential,” Qureshi said.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Kevin O'Leary says power is now more valuable than bitcoin
"Shark Tank" investor Kevin O'Leary is pivoting his crypto strategy from tokens to energy infrastructure, declaring that power generation is now the real prize.
What to know:
The big pivot: O'Leary has moved capital away from smaller tokens to focus on physical infrastructure like land, power, and copper.
- He believes power is now "more valuable than bitcoin" and has secured significant land deals with stranded natural gas in Alberta and the U.S.
- His thesis is driven by the massive energy needs of bitcoin mining and AI, noting that entities controlling power can serve either market.
- He advises investors to look at copper and gold, noting copper prices have nearly quadrupled for his projects in the last 18 months.
- He views Robinhood and Coinbase as "no-brainer" infrastructure investments, having reallocated capital from altcoins into these platforms. He describes Robinhood as the premier bridge for managing equity and crypto in one portfolio, while labeling Coinbase the "de facto standard" for businesses to manage stablecoin transactions and vendor payments once regulatory acts pass.
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