On Wednesday morning in Europe, Zcash experienced a notable increase of nearly 6%, reaching slightly above $1,200, making it the only major cryptocurrency to post gains, according to data from CoinDesk.
XRP was the biggest loser, dropping over 7% to $1.29. Both Ether and Solana fell around 3%, while Bitcoin, BNB, and Tron declined by approximately 1%. Bitcoin was trading just under $76,000 after briefly dipping below $75,000 the previous day.
This decline followed the unsuccessful attempt of the CLARITY Act in the U.S. Senate, which aimed to clarify regulatory authority over digital assets and has been a key legislative focus for the industry this year.
The Federal Reserve is set to announce its rate decision later on Wednesday, with a quarter-point increase already anticipated. Analysts from Bitunix informed CoinDesk via email that the magnitude of the rate change is less significant than the subsequent movement of long-term Treasury yields.
Keep an eye on those long-term yields following the announcement. If they remain stable at current levels despite a tighter short-term rate, it could indicate that markets are evaluating U.S. inflation and fiscal risks independently of the Fed's actions.