Bitcoin continues to face resistance on the $40,000 mark and didn’t cross the extent over the weekend. At press time, on Sunday night, the apex coin traded increased over 24 hours as the worldwide cryptocurrency market cap rose 3.2% to $1.75 trillion.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|NEAR Protocol (NEAR)||+15.2%||$12.13|
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Why It Matters: Cryptocurrencies stay underneath stress, together with tech shares, because the market braces itself for upcoming financial coverage motion from the U.S. Federal Reserve.
The Federal Open Market Committee (FOMC) is ready to start a gathering on Tuesday.
“Bitcoin’s fundamentals are starting to weaken as crypto retail and institutional interest is waning. Now that the $40,000 level seems like solid resistance for Bitcoin, crypto traders are anticipating a consolidation that could send prices towards the $37,500 level,” stated Edward Moya, a senior market analyst with OANDA, in a word.
In intraday buying and selling previous Sunday night, Bitcoin touched the $37,585.79 mark.
However, investor sentiment appears to be enhancing. Alternative.me’s “Cryptocurrency Fear & Greed Index” indicated “Fear” at press time. The index was exhibiting “Extreme Fear” final week.
Cryptocurrency analyst Michaël van de Poppe stated the Federal Reserve charge hike is “already getting priced in or maybe priced in, at this point.”
“The majority is expecting the markets to nuke in the coming week due to the FED meeting and additional hikes,” he stated on Twitter.
The majority is anticipating the markets to nuke within the coming week as a result of FED assembly and extra hikes.
However, that expectation is already getting priced in or possibly priced in at this level.
— Michaël van de Poppe (@CryptoMichNL) May 1, 2022
Glassnode co-founder Rafael Schultze-Kraft stated on Twitter Sunday that Ethereum customers paid a median price of $4,830 transactions in a single hour. Kraft famous that miners made $87.66 million inside that window.
#Ethereum miners are comfortable although – they made $87,664,337 inside a single hour.
An ATH after all, by far.https://t.co/2OnF0m3OCl pic.twitter.com/eChNqO2RtT
— Rafael Schultze-Kraft (@n3ocortex) May 1, 2022
At press time, the common transaction price on Ethereum stood at $0.072 ETH or $204.40, in accordance with BitInfoCharts.
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