Bitcoin Settles at $21K ahead of FOMC

Business | Author: Alex Kuptsikevich |July 27, 2022, Wednesday // 16:05
Bulgaria: Bitcoin Settles at $21K ahead of FOMC @Flickr

Bitcoin is clinging to the $21,000 level, having changed little in the past 24 hours, while Ethereum is adding 1.7% overnight to $1450. Prices of the top altcoins range from -0.6% (Cardano) to +4.2% (BNB).

The total capitalization of the crypto market, according to CoinMarketCap, rose 0.85% to $978bn overnight.

Bitcoin came under increased pressure on Tuesday, but the sell-off stalled during the New York trading session as it was supported by buying on declines below 21,000.

Markets await the US Federal Reserve's rate decision to be announced on Wednesday and are set to see the Fed's another 75 points hike, but futures are pricing a 20% chance of a 100-points hike. Some speculators are rushing to bet that we will see a relaxation rally when the most pessimistic expectations do not come true.

According to CoinShares, capital inflows into crypto funds last week amounted to $30M, of which $19M for BTC. At the same time, investments in funds, which allow opening shorts on bitcoin, dropped sharply (to $0.6 mln). The previous week's total capital inflows sharply revised from $12M to $343M.

The number of ransomware attacks fell by 23% amid the decline in the crypto market, SonicWall noted.

The US Commodity Futures Trading Commission (CFTC) will create a new Office of Technology Innovation to regulate the cryptocurrency industry.

According to Bloomberg, the US Securities and Exchange Commission is conducting a full-scale investigation into token listings on Coinbase that could be treated as securities.

/Alex Kuptsikevich, senior market analyst at FxPro

Follow Novinite.com on Twitter and Facebook

Write to us at editors@novinite.com

Информирайте се на Български - Novinite.bg

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article
Tags: bitcoin, FOMC, Ethereum, US, BTC
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria