Fed Decision and Bitcoin Reaction

The Federal Open Market Committee kept the federal funds rate in the 3.75%‑4.00% range, voting 10‑2 to hold rates steady. Governor Lisa Cook and Cleveland Fed President Beth Hammack voted for a quarter‑point hike, but the majority chose to maintain the current stance. The decision was widely anticipated after the September rate increase, the first in over three years.

Fed Chair Kevin Warsh, speaking at the post‑decision press conference, described employment conditions as "quite positive" and noted that financial conditions have tightened since the September meeting. He emphasized that upcoming macro data – specifically Q3 U.S. GDP and the September reading of the Fed’s preferred inflation gauge – will inform future policy. Warsh also announced a schedule change for 2027 and 2028, with one meeting in 2027 dedicated to monetary‑policy strategy rather than a rate decision, expanding to two such meetings in 2028.

Following the announcement, Bitcoin edged up 0.6% to $81,336.1 as of 17:50 ET (21:50 GMT). Despite the modest gain, Bitcoin is on track to lose 3.2% for October, marking the second consecutive year of losses in the month and breaking the historical "uptober" rally pattern.

Oil Market and Geopolitical Context

Brent crude futures settled about 1% higher, driven by heightened geopolitical risk in the Red Sea region. The Iran‑backed Houthi rebels claimed an attack on Saudi Arabia’s Ras Tanura refinery, the kingdom’s largest, intensifying the conflict that has already seen the Saudi‑led coalition push to retake territory around the Bab el‑Mandeb Strait. The fighting has outweighed diplomatic efforts, including a recent quadrilateral meeting involving Iran, Pakistan, Saudi Arabia, and Türkiye.

Robinhood Earnings Impact

Robinhood Markets Inc. saw its Class A shares close more than 3% lower, pressured by a sharp decline in cryptocurrency‑related revenue. For the third quarter, total net revenue rose 12% year‑over‑year to $1.42 billion, but crypto revenue fell 55% to $120 million. Earnings per share declined 16% to $0.51, missing the LSEG consensus estimate of $0.55. The earnings miss reflects the broader crypto market slump that also weighed on the company’s trading volumes.

Altcoin Movements

Most major altcoins tracked Bitcoin’s modest rise. Ether (Ethereum) increased 0.6% to $2,365.02, while XRP also rose 0.6%. Cardano gained 0.8%, Solana was flat, and Binance Coin (BNB) improved roughly 1.6% (earlier reported as 1.32%). Among meme tokens, Dogecoin advanced 2.2% and $TRUMP rose 2.8%. Robinhood’s ticker (HOOD) fell 3.31% in line with the broader share decline.

Contributors

The article was contributed by Ambar Warrick and Vahid Karaahmetovic and published by Reuters on 28‑10‑2026, with an update on 29‑10‑2026.