Daily Market Update: US Stock Futures Rise and Bitcoin Steady Ahead of Powell Speech Today

TLDR

• Bitcoin is trading near $74,207, up 0.2%, ahead of the Fed’s rate decision
• Stock futures for the Dow, S&P 500, and Nasdaq all edged higher overnight
• Fed Chair Powell’s comments on oil-driven inflation will be closely watched
• The SEC issued new guidance classifying crypto into commodities, stablecoins, and securities
• Oil prices surged, with Brent crude hitting its highest close since August 2022

Bitcoin held near $74,207 on Wednesday, up just 0.2%, as investors waited for the Federal Reserve’s rate decision later in the day.

The crypto had briefly climbed toward $76,000 in the previous session before pulling back. Trading was cautious across both crypto and equity markets.

US stock futures also ticked higher overnight. Dow futures rose 0.1%, S&P 500 futures gained 0.2%, and Nasdaq 100 futures were up 0.3%.

On Tuesday, US equities finished modestly higher but closed well below their intraday highs. Markets were unsettled by fresh comments from President Trump on NATO.

Trump posted on Truth Social that the US no longer needs NATO countries’ assistance, following earlier pressure on allies to help protect ships through the Strait of Hormuz.

Oil prices climbed sharply. West Texas Intermediate crude settled at $96.21 a barrel, up nearly 3%. Brent crude rose 3.2% to $103.42, its highest close since August 2022.

Rising Oil Prices Put Fed in Focus

The oil surge is tied to escalating conflict involving Iran. Israel reportedly killed Iran’s security chief Ali Larijani, while Iran renewed strikes on oil facilities in the United Arab Emirates.

These events have pushed crude above $100 a barrel in some markets and raised fears that persistent inflation could delay any interest rate cuts.

The Fed is widely expected to hold rates in the 3.5% to 3.75% range. Investors will focus on Chair Jerome Powell’s remarks on whether rising oil prices change the inflation outlook.

The February Producer Price Index report is also due Wednesday, giving markets another read on wholesale inflation before Powell speaks.

SEC Releases New Crypto Classification Rules

Separately, the SEC released a new framework for classifying digital assets. It divides tokens into three categories: digital commodities, stablecoins, and digital securities.

Only tokens classified as digital securities will fall under federal securities laws. The others will face fewer regulatory requirements.

This matters because assets classed as securities must meet strict registration and disclosure rules. The new taxonomy is designed to give the crypto industry clearer guidance on where different tokens stand.

Other cryptocurrencies moved higher alongside Bitcoin. Ethereum rose 0.5% to $2,328.45. XRP gained 1% to $1.53. Cardano led with a 2.5% jump.

On the corporate side, Micron Technology is set to report quarterly earnings after Wednesday’s close. General Mills and Macy’s are also due to report results Wednesday.

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