Crypto Market News Today, January 29: No Fed Rate Cut, US Shutdown Odds Falling, ETH USD Back Below $3K

Ben Graham · January 29

The crypto market woke up with the Fed confirming there would be no rate cut, keeping benchmark rates locked in the 3.5%–3.75% range. That stance landed just as US Shutdown fears cooled, sending the market down with ETH USD back under the $3,000 psychological support.

The Fed decision to hold off on a rate cut came with Chairman Jerome Powell striking a cautious tone. Growth, he said, remains solid despite cracks in housing and the looming wildcard of tariffs pushing prices higher. Inflation is still sticky, and the Fed clearly isn’t ready to declare a rate cut and victory. Two governors dissented in favor of a Fed rate cut, but they were outvoted as rates will stay higher for longer.

These are three clocks ticking at different speeds. We see monetary policy, politics, and crypto price action all pulling attention together, and not to forget, the metals price.

No Fed Rate Cut Aftermath and US Shutdown Odds

Following the decision, gold surged past $5,500, touching $5,555 after Powell spoke, a daily gain of 2.5%. For perspective, gold took centuries to crawl toward $1,000 before 2008, then added another $1,000 in just 28 days. This latest pump added an estimated $1.75 trillion in market value, or the total value of Bitcoin.

(source – CompaniesMarketCap)

However, Bitcoin tends to follow gold with a noticeable lag. When gold topped or formed lower highs in past cycles, Bitcoin often went parabolic shortly after. This is probably why crypto has paused. The lack of a Fed rate cut keeps pressure on risk assets for now, but it also reinforces the inflation-hedge narrative that keeps Bitcoin strong.

Beyond rates, the US Shutdown odds became the political subplot we should watch. On Polymarket, the probability of avoiding a shutdown rose as talks between the White House and Democrats showed signs of progress. With a continuing resolution expiring January 30, the sentiment has improved. With $19 million in volume, it is a good political indicator.

The odds of a US Government Shutdown by Saturday is falling.

This is bullish for crypto! pic.twitter.com/msSkyIvdnA

— Mister Crypto (@misterrcrypto) January 29, 2026

A full US Shutdown would impact as much as 78% of federal spending, disrupting healthcare, transportation, and regulatory processes. For crypto, this will force a market stress that could drain liquidity. The easing of shutdown fears, combined with no immediate Fed rate cut, has created a calm sentiment, unexpectedly.

The odds were 80% yesterday and have fallen to under 50% for now.

(source – Polymarket)

DISCOVER: 10+ Next Crypto to 100X In 2026

ETH USD Below $3K, But?

At first glance, ETH USD slipping under $3,000 looks bad. It’s down by 1.3% today. According to Coinglass, open interest stays at $39 billion, and liquidations stayed contained. A low-volume week.

(source – Coinglass)

The chart, though, is coiling into a symmetric triangle, frustrating the impatient, but could reward hodlers. Holding above the $2,900 zone keeps the ETH USD structure is still intact, and a clean break higher still puts $3,400–$3,700 back on the radar.

BitMine, with Tom Lee, recently staked more than 209,000 ETH, pushing its total holdings past 2.2 million ETH, north of $6.5 billion at current prices. These all while Ethereum continues dominating decentralized finance, anchoring the bulk of the $121 billion in total value locked while quietly absorbing 60% of the real-world asset market, now valued at $23.59 billion. Tokenized Treasuries has chosen Ethereum.

Tom Lee(@fundstrat)'s #Bitmine staked another 250,912 $ETH($745M) in the past 18 hours.

In total, #Bitmine has now staked 2,582,963 $ETH($7.67B), 61% of its total holdings.https://t.co/P684j5YQaG pic.twitter.com/kHKaLmMgP4

— Lookonchain (@lookonchain) January 29, 2026

The rollout of ERC-8004 for trustless AI agents and a focus on post-quantum security are the long-term games ETH USD is playing. For now, below $3,000 reflects macro nerves, just like what the whole market is experiencing.

DISCOVER:

Follow 99Bitcoins on X For the Latest Market Updates and Subscribe on YouTube For Daily Expert Market Analysis.

5 minutes ago

Sony Adds $13M to Soneium Bet After Mainnet Reality Check

By Akiyama Felix

Rollups, privacy-focused or not, are a cornerstone of Ethereum. Without platforms like Arbitrum, Base, or Optimism, the Ethereum mainnet would still be struggling with high fees. This all changed when developers made it their primary objective to scale Ethereum by all means necessary.

Given the complexities of scaling the primary chain first, roll-ups were seen as a feasible option. As of late January 2026, Ethereum Layer 2s (L2s) managed over $41Bn worth of assets. In this fast-growing scene, Sony’s Soneium is a major player.

(Source: L2Beat)

Although it doesn’t have a native token, much like Base, Soneium is actively used by developers. It currently manages over $42 million worth of assets, of which nearly $4M have been minted natively.

Read the full story here.

The post Crypto Market News Today, January 29: No Fed Rate Cut, US Shutdown Odds Falling, ETH USD Back Below $3K appeared first on 99Bitcoins.