BTC, XRP, SOL, DOGE Resume Slow Grind Higher After Fed, Dollar Index is Resilient Too

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By Omkar Godbole , AI Boost | Edited by Parikshit Mishra Updated Sep 18, 2025, 6:57 a.m. Published Sep 18, 2025, 6:36 a.m. Major tokens look to have resumed the slow grind higher. (NEOM/Unsplash/Modified by CoinDesk)) What to know : Bitcoin reached its highest level since Aug. 17, lifting the broader market higher following the Fed rate cut. One analyst expect BTC and ETH to hit new all time highs. The dollar index, however, has bounced back despite dovish Fed projections. Analysts told CoinDesk early this week that major cryptocurrencies led by bitcoin would resume their slow grind higher following Wednesday's Fed rate cut. That's exactly what has happened since the Fed cut rates by 25 basis points to 4% late Wednesday. The central bank also hinted rapid easing in the next 12 months. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Bitcoin BTC $ 117,110.96 , the leading cryptocurrency by market value, topped $117,900, the highest level since Aug. 17, ending the sideways trend since Friday and resuming the slow recovery from early September lows near $107,200, CoinDesk data show. As of writing, the cryptocurrency was up nearly 1% on a 24-hour basis. Ethereum's ether (ETH) token, the second-largest cryptocurrency by market value, was up 2.7%, but remained locked within the four-week-long narrowing price range, or contracting triangle, as noted by CoinDesk early this week. Other majors such as dogecoin DOGE $ 0.2786 , solana SOL $ 244.29 and BNB (BNB) were up over 4% while the payments-focused cryptocurrency XRP traded nearly 3% higher, looking to build upside momentum in the wake of a bullish descending triangle breakout. Programmable blockchain Solana's SOL token briefly topped $245, almost testing the weekend high, as CME's decision to offer SOL options from Oct. 13 raised hopes of increased institutional participation. These options will help institutions manage their exposure more effectively. The CME is also going to debut XRP options on the same day. Matt Mena, crypto research strategist at 21Shares, said that the Fed's openness to accelerate the pace of easing is creating an asymmetric setup for bitcoin. "The dots [interest rate projections] leaned more dovish, signaling the Fed is open to accelerating the pace of easing if conditions demand it. That repricing risk is now front and center - creating an asymmetric setup for Bitcoin. While today’s 25bps cut provided the spark, it is the path implied by the dots - more than the cut itself - that may set the stage for Bitcoin to challenge new highs into year-end," Mena said in an email to CoinDesk. He added that bitcoin could set an all-time high above $124,000 by the end of October, with ether topping the $5,000 psychological barrier. Dollar resilience could be a potential headwind The path to new lifetime highs, however, may not be smooth, as the dollar is showing signs of life. Despite the dovish Fed rate projections, the dollar index, which tracks the greenback's value against major currencies, including the euro, has bounced to 97.30, quickly recovering from the initial drop below the July 1 low of 96.37. Perhaps the Fed's dovishness is already factored in by the foreign exchange markets. After all, the DXY has dropped 10% this year largely on the back of Fed rate cut bets. BTC, too, has rallied by 25% this year, hitting new highs above $124,000 in August, supported by dovish Fed expectations. Dollar Index's (DXY) daily chart. (TradingView/CoinDesk) The dollar’s resilience likely reflects Chairman Jerome Powell’s emphasis that rapid, successive rate cuts are not guaranteed. He also highlighted that quantitative tightening (balance sheet runoff) remains in effect and inflation continues to run high. These remarks dampened the optimism sparked by the dovish dot plot projections. A strong bounce in the DXY could lead to financial tightening, potentially weighing on BTC and other risk assets. Tail risk pricing Sophisticated market participants are pricing tail risk, according to crypto financial platform BloFin. Tail risk refers to low-probability, high-impact events, such as market crashes or major economic crises, that cause disproportionately large losses, often occurring at the "tails" of a probability distribution. "As one of the most interest rate-sensitive assets, the recent increase in interest rate risk has led to a growing demand for tail protection, prompting market makers and traders to incorporate more interest rate risk into their pricing. Meanwhile, block trades data also includes a short-dated (about 4DTE) put spread order with 2,000 contracts (clearly intended for tail protection) , which is not often seen," BloFin told CoinDesk. A put spread is a strategy designed to profit from a decline in the price of the underlying asset, in this case, BTC. Bitcoin XRP Solana Dogecoin Markets AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Asia Morning Briefing: Bittensor’s dTAO Shows a Retail Path to AI Exposure Beyond Robinhood’s SPVs By Sam Reynolds , AI Boost | Edited by Aoyon Ashraf 7 hours ago Staking into Bittensor’s subnets offers one of several emerging routes for retail investors to gain exposure to decentralized AI’s early days – which might have more upside than comparatively mature OpenAI or Nvidia. What to know : Robinhood's tokenized shares of OpenAI are under scrutiny for not constituting equity, raising investment risks. Bittensor's dTAO upgrade aims to democratize AI investment, offering retail investors a chance to stake in AI subnets. Bitcoin remains stable post-Fed rate cut, while Ethereum sees gains amid expectations of further cuts. Read full story Latest Crypto News Ripple, Franklin Templeton and DBS to Offer Token Lending and Trading 1 hour ago Asia Morning Briefing: Bittensor’s dTAO Shows a Retail Path to AI Exposure Beyond Robinhood’s SPVs 7 hours ago SEC Makes Spot Crypto ETF Listing Process Easier, Approves Grayscale's Large-Cap Crypto Fund 7 hours ago First U.S. XRP ETF Launches Sept. 18, CME to List Options on XRP Futures Oct. 13 9 hours ago Crypto Platform Bullish's Second Quarter Earnings Beats Wall Street's Estimates 9 hours ago Crypto Exchange Kraken Sees Handful of Senior Execs Depart: Source 12 hours ago Top Stories Asia Morning Briefing: Bittensor’s dTAO Shows a Retail Path to AI Exposure Beyond Robinhood’s SPVs 7 hours ago Ripple, Franklin Templeton and DBS to Offer Token Lending and Trading 1 hour ago SEC Makes Spot Crypto ETF Listing Process Easier, Approves Grayscale's Large-Cap Crypto Fund 7 hours ago First U.S. XRP ETF Launches Sept. 18, CME to List Options on XRP Futures Oct. 13 9 hours ago Crypto Platform Bullish's Second Quarter Earnings Beats Wall Street's Estimates 9 hours ago Fed Cuts Rate in 'Risk Management' Move as Bitcoin Eyes Possible Upside 12 hours ago In this article DOGE DOGE $ 0.2790 ◢ 3.81 % BTC BTC $ 117,092.37 ◢ 0.10 % SOL SOL $ 244.42 ◢ 2.78 % About About Us Masthead Careers Blog Investor Relations Contact Contact Us Accessiblility Advertise Sitemap System status News Markets Finance Tech Policy Focus Videos CoinDesk Daily Editors Picks Shorts Spotlight Podcasts CoinDesk Podcast Network Markets Daily Gen C Unchained with Laura Shin The Mining Pod Cryptocurrencies Prices Bitcoin (BTC) Ethereum (ETH) XRP Solana (SOL) Data Trade Data Deriviatives OrderBook Data On-Chain Data API Data Catalogue AI & Machine Learning Indices Mult-Asset Indices Reference Rates Strategies & Services Insights & Announcements Documentation & Governance Events CoinDesk: Policy & Regulation Consensus Hong Kong Consensus Miami Webinars Sponsored Thought Leadership Press Release MEXC Phemex Stellar Research Research Reports Ethics Privacy Terms of Use Cookie Settings Do Not Sell My Info X icon © 2025 CoinDesk, Inc. 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