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.
| 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 |
| 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. Alternative.me’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.
Most expect the markets to go nuclear next week due to the Fed meeting and additional hikes.
However, this expectation is already priced or may be priced at this point.
– Michael van de Poppe (@CryptoMichNL) May 1, 2022
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.
# Ethereum But the miners are happy – they made $87,664,337 in an hour.
ATH of course, by far.https://t.co/2OnF0m3OCl pic.twitter.com/eChNqO2RtT
– Raphael Schultz-Kraft (@n3ocortex) May 1, 2022
At press time, the average transaction fee for Ethereum is $0.072, or $204.40, according to BitInfoCharts.
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