Sunday, July 21, 2024

Why is Bitcoin (BTC) and Etherem (ETH) soaring today?


Bitcoin It still faced resistance at the $40,000 level and failed to break above the level over the weekend. At press time, Sunday evening, the major currency was trading higher in 24 hours as the global cryptocurrency market cap rose 3.2% to $1.75 trillion.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar 2.5% -0.8% $38734.95
Ethereum ETH / USD 3.75% -1.3% $2,844
Dogecoin dog / dollar 4% 4.3% $0.13

Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
phantom (FTM) + 18% $0.80
NEAR . protocol (near) + 15.2% $12.13
harmony (One) + 14.7% $0.85

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why does it matter: Cryptocurrencies remain under pressure, along with technology stocks, as the market prepares for upcoming monetary policy actions from the US Federal Reserve.

The Federal Open Market Committee (FOMC) is scheduled to start its meeting on Tuesday.

Bitcoin’s fundamentals are starting to weaken as institutional and retail interest in the cryptocurrency wanes. Now that the $40,000 level appears to be strong resistance for Bitcoin, crypto traders expect a consolidation that could send prices towards the $37,500 level,” said Edward Moya, chief market analyst at OANDA, in a note.

In the daily trading leading up to Sunday evening, Bitcoin touched $37585.79.

However, investor sentiment appears to be improving.’s “Crypto Fear and Greed Index” referred to “fear” at the time of this article. The indicator was showing “extreme fear” last week.

Cryptocurrency Analyst Michael van de Poppe He said the Fed rate hike is “already priced, or possibly priced, at this point.”

“Most expect markets to go nuclear next week due to the Fed meeting and additional hikes,” he said on Twitter.

glass founding partner Raphael Schultz Craft He said on Twitter on Sunday that Ethereum users paid an intermediate fee of $4,830 for transactions in one hour. Kraft notes that miners made $87.66 million in that window.

At press time, the average transaction fee for Ethereum is $0.072, or $204.40, according to BitInfoCharts.

read the following: Elon Musk Laughs at Warren Buffett: What Did the Oracle of Omaha Say?

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