Crypto rebounds as altcoins run, gold breaks $5.3K, and Fidelity debuts stablecoin
Bitcoin stuck near $90K as HYPE rallies, gold breaks $5.3K, S&P 500 hits 7K, and Fidelity launches stablecoin ahead of Powell’s Fed decision.
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Crypto heads into the final stretch of January on a stronger note, with green on the screen. While Bitcoin continues to hover just below $90K, altcoins are breaking out, led by Hyperliquid’s HYPE token, which has surged over 60% on the week. Pippin meme coin is up more than 40%, and most of the market is flashing green as risk appetite tentatively returns.
Elsewhere, the rally is more decisive. Gold has soared to a record $5,300, silver is consolidating near $115, and the S&P 500 just hit a new all-time high above 7,000. Tether is reportedly buying gold at a pace of two tons per week, while equities are climbing into a pivotal Fed day. Powell’s tone at today’s press conference could set the tone for February, especially as the market seeks clarity on inflation risks, rate cut timing, and Fed leadership rumors.
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Altcoins pop as gold, stocks hit new highs ahead of Fed
Crypto showed signs of relief heading into the final days of January. Bitcoin remains range-bound near $90,000, but altcoins are outperforming. HYPE, the native token of perpetuals exchange Hyperliquid, has jumped more than 60% this week, nearing the $34 level. Pippin meme coin has climbed over 40% in the same stretch, with broader sentiment improving across major and niche tokens.
Outside of crypto, the risk-on rally is gaining strength. Gold has surged past $5,300 as silver consolidates near $115, just as Tether confirmed it’s been buying up to two tons of physical gold per week. The company now holds an estimated 140 tons worth $24 billion, making it one of the largest non-governmental holders of gold globally. Equities are also surging, with the S&P 500 reaching 7,000 and the Nasdaq gaining 0.7% intraday.
Traders are now focused on the Federal Reserve. The CME FedWatch tool shows a 97% probability that the Fed holds rates steady today, keeping the benchmark between 3.50% and 3.75%. But the real action may come in Powell’s press conference, where markets will look for any signal on whether the recent pause in cuts is temporary, or a shift in tone driven by strong GDP data and lingering inflation concerns.
Fidelity launches stablecoin as TradFi moves deeper onchain
Fidelity announced the launch of its first stablecoin, the Fidelity Digital Dollar (FIDD), as one of the world’s largest asset managers deepens its push into digital payments infrastructure. The Ethereum-based stablecoin will be redeemable 1:1 for USD through Fidelity platforms and will be issued by Fidelity Digital Assets’ national trust bank.
Fidelity said it will oversee issuance and reserves through its asset management unit, with retail and institutional access rolling out over the coming weeks. FIDD will be available across Fidelity Digital Assets, Fidelity Crypto, and Fidelity Crypto for Wealth Managers, and transferable to any Ethereum address.
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