Bitcoin traded roughly flat around $65,800 on Wednesday, despite a strong week that saw it gain over 7%. However, altcoins like Uniswap's UNI surged 22.5% after a bullish Standard Chartered report, while tokens like Hyperliquid's HYPE, solana, and ether posted strong weekly gains. XRP, on the other hand, gave back its breakout gains, slipping below $1.23 on heavy selling.

Meanwhile, BitGo launched a MiCA-compliant crypto infrastructure platform in Europe, targeting exchanges facing pressure to meet July 1 licensing rules across the EU. Illinois Governor also approved a crypto transaction tax, despite industry uproar.

The Federal Reserve's rate decision is crucial for bitcoin's next move, as money shifts toward altcoins. Falling oil prices tied to a prospective U.S.-Iran deal and a bond rally improved the macro backdrop for risk assets. Investors are focused on $1.20 as pivotal support and $1.223 and $1.25 as near-term resistance levels for XRP.

"There is effectively no comparable state financial transaction tax on stocks, bonds or derivatives anywhere in the country," said a16z general counsel Miles Jennings, criticizing the Illinois crypto transaction tax.

• Bitcoin traded around $65,800, down 0.3% over 24 hours but up 7.4% on the week
• Uniswap's UNI surged 22.5% after a bullish Standard Chartered report
• XRP gave back breakout gains, slipping below $1.23 on heavy selling
• Hyperliquid's HYPE posted a nearly 33% gain over the week

• Who: BitGo, Uniswap, Illinois Governor
• What: Launched MiCA-compliant crypto infrastructure platform, surged 22.5%, approved crypto transaction tax
• Impact: Improved macro backdrop for risk assets, increased pressure on exchanges to meet licensing rules

The Federal Reserve's rate decision will be closely watched by investors, as it may impact the direction of bitcoin and the broader cryptocurrency market. Meanwhile, the launch of BitGo's MiCA-compliant platform may help exchanges navigate the complex regulatory landscape in Europe.