Why is Bitcoin (BTC), Etherem (ETH) rising today?

Bitcoin continues to face resistance at $ 40,000 and failed to cross the level over the weekend. At press time, Sunday night, the apex currency traded higher over 24 hours as the global market value of cryptocurrency rose 3.2% to $ 1.75 trillion.


Price performance of large coins
Coin 24 hours a day 7 days Price
Bitcoin BTC / USD 2.5% -0.8% $ 38,734.95
Ethereum ETH / USD 3.75% -1.3% $ 2844
Dogecoin DOGE / USD 4% 4.3% $ 0.13

Top 24-hour winners (data via CoinMarketCap)
Cryptocurrency 24-hour% change (+/-) Price
The Phantom (FTM) +18% $ 0.80
NEAR protocol (NEAR) +15.2% $ 12.13
Harmony (ONE) +14.7% $ 0.85

See also: How to get free NFTs

Why it matters: Cryptocurrencies are still under pressure, along with technology stocks, as the market prepares for future monetary policy actions by the US Federal Reserve.

The Federal Open Market Committee (FOMC) will begin a meeting on Tuesday.

“Bitcoin’s fundamentals are beginning to weaken as cryptocurrency trading and institutional interest decline. Now that the $ 40,000 level seems to be solid opposition to Bitcoin, cryptocurrencies expect a consolidation that could send prices toward the $ 37,500 level,” said Edward Moya, senior market analyst at OANDA. a note.

In intraday trading before Sunday night, Bitcoin touched $ 37,585.79.

However, investor sentiment appears to be improving.’s “Cryptocurrency Fear & Greed Index” indicated “Fear” at the time of going to press. The index showed “Extreme Fear” last week.

Cryptocurrency Analyst Michael van de Poppe said the Federal Reserve rate hike “is already being priced in or maybe priced in at this point.”

“The majority expects the markets to bomb the atom in the coming week due to the Fed meeting and further increases,” he said on Twitter.

Glassnode co-founder Rafael Schultze Kraft said on Twitter on Sunday that Ethereum users paid a median fee of $ 4,830 transactions in a single hour. Kraft noted that miners earned $ 87.66 million within that window.

At the time of going to press, the average transaction fee on Ethereum was $ 0.072 ETH or $ 204.40, according to BitInfoCharts.

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