Crypto Price Today: Bitcoin regains $27,000; Ethereum nears $1,650; Toncoin rises 3%
Bitcoin and other crypto tokens were trading higher on Wednesday ahead of the Federal Reserve’s policy meeting due later today, where the US central bank is expected to make no changes in the interest rates. The ether-to-bitcoin ratio dropped to a 14-month low. Ethereum co-founder Vitalik Buterin, moved coins to crypto exchanges, possibly as a prelude to selling, said experts.
Bitcoin posted strong gains as the largest crypto token surged more than a per cent, regaining $27,000-levels. However, its largest peer Ethereum, inched up maringally, but did not race-past $1,650-mark. Price action in the altcoins remained on the positive side in the early hours.
Bitcoin is currently trading above the $27,000 mark, and this price surge could be because Japan’s leading investment bank, Nomura, is making headlines by introducing a Bitcoin-based fund tailored specifically for institutional investors, said Edul Patel, CEO & Co-founder at Mudrex.
“Market sentiments currently range from neutral to bullish as all eyes remain fixed on the forthcoming US Federal Reserve’s FOMC decision regarding federal interest rates. Meanwhile, Ethereum is trading above the $1,600 level. Interestingly, Grayscale recently made an application for a new Ethereum Futures ETF to the US SEC,” he said.
Barring a few exceptions, all top crypto tokens were trading higher on Wednesday. Toncoin surged more than 3 per cent, while XRP and Polygon gained more than 2 per cent each. Among the laggards, Solana and Cardano shed about half-a-per cent each in the early hours.
The global cryptocurrency market cap was trading significantly higher, rising to $1.08 trillion-mark, as it rose about a per cent in the last 24 hours. However, the total trading volumes dropped over 8 per cent to $27.71 billion.
Bitcoin’s value has increased by over 1 per cent. Currently, it is trading at its 50-day Simple Moving Average, which has previously acted as a resistance level. It’s worth noting that Bitcoin’s open interest has also seen a recent increase, said CoinDCX Research Team.
“Furthermore, Citi is making significant advancements in its services for institutional clients by embracing blockchain technology. Citi Token Services, introduced on Monday, allows clients to tokenize their deposits for instant global transfers. Additionally, the bank is now utilizing smart contracts to automate the trade process. These developments are positive for the crypto space,” it said.
Image: Crypto-chart-price
Tech View by Giottus Crypto Platform
Bitcoin has climbed above $27,000 ahead of the FOMC meeting today.The price action has experienced a valid bullish entry.
Upside momentum could potentially drive the price towards the resistance level of $27,785 (200-day MA). A Break above could make the asset test $28,000.
Image: Chart-BTC
BTC’s RSI is currently hovering around 60 and has started moving sideways, implyinga diminishing selling pressure. In case of a drop, the most recent low ($26,650) serves as an early support level, with the $25,750zone providing the next line of defence.
Major Levels:
Support: $26,650, $25,750
Resistance: $27,785, $28,812
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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