Cryptos Today: Bitcoin and Ethereum Defend Supports and Operate Higher Awaiting Fomc

“Bitcoin and the crypto market may see another rally of relief after the 75 basis point rate hike, after which we expect markets to trade sideways,” says Dick Lo, founder and CEO of quantitative trading firm TDX Strategie. .

“We are seeing players taking a risk mitigation approach ahead of the FOMC decision, as expected,” Lo replied when asked about pre-FOMC flows in the cryptocurrency market.

For him, a new crypto rally should mainly benefit Ethereum (ETH), keeping the month’s gains close to 50%, reclaiming the $1,460 level after dropping to $1,360 yesterday.

The second-largest crypto by market cap has been fueled by anticipation around the mid-September “The Merge” update that will ditch the current mining system for a greener solution.

However, other experts consulted by the InfoMoney CoinDesk consider that Ethereum has already risen a lot and, for the time being, has a greater tendency to fall before finding a new lease of life.

“Today it is the rumor, it is the speculation that is forcing this rise. It is important to remember that, when the Merger arrives, there will be more ETH on the market, because there are several people with ETH locked and they may want to sell. So I strongly believe that soon after the Merge we will have a considerable drop”, says Ney Pimenta, CEO of cryptocurrency marketplace BitPreço.

For trader Vinícius Terranova, the rise in ETH in July “is not a natural move for a bear market. In short: don’t buy Ethereum now.”

According to Katie Stockton, an analyst at Fairlead Strategies, ETH has support at the 50-day average line, which coincides with around $1,290 – so, so far, preserved. The expert, however, says she expects the crypto asset to still seek the $1,000 region in a new drop.

cryptocurrencyPriceChange in the last 24 hours
Bitcoin (BTC)US$ 21,326.72+0.8%
Ethereum (ETH)US$ 1,460.60+2.7%
Binance Coin (BNB)US$ 252.51+3.4%
XRP (XRP)US$ 0.336149+1.1%
Cardano (ADA)US$ 0.466604-1.2%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrencyPriceChange in the last 24 hours
Quantity (QNT)$94.96+16.2%
Ethereum Classic (ETC)$27.19+14.5%
Read (READ)$1.50+5.7%
Polygon (MATIC)US$ 0.806105+5.5%
Monero (XMR)US$ 151.27+5.2%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrencyPriceChange in the last 24 hours
Ecomi (IMO)US$ 0.00162468-3.4%
Cosmos (ATOM)$9.32-3.3%
Convex Finance (CVX)$6.23-2.4%
Helium (HNT)$8.542.4%
Synthetic (SNX)$2.96-2.1%

Check out how cryptocurrency ETFs closed in the last trading session:

Hashdex NCI (HASH11)BRL 19.40-6.73%
Hashdex BTCN (BITH11)BRL 27.05-4.88%
Hashdex Ethereum (ETHE11)BRL 21.63-9.86%
Hashdex DeFi (DEFI11)BRL 20.90-10.45%
Hashdex Smart Contract Platform FI (WEB311)BRL 19.15-5.43%
QR Bitcoin (QBTC11)BRL 7.09-3.53%
QR Ether (QETH11)BRL 5.51-5%
QR DeFi (QDFI11)BRL 4.01-10.88%
Crypto20 EMPCI (CRPT11)BRL 5.50-6.93%
Invest NFTSCI (NFTS11)BRL 31.00-0.06%

See the main crypto market news for this Wednesday (27):

President of El Salvador Tries to Buy Debt to Hold Bitcoin

Nayib Bukele, the president of El Salvador, yesterday sent two bills to the local congress in an effort to secure the funds needed to buy back all sovereign bonds due in 2023 and 2025.

The measure aims to combat speculation about a possible El Salvador default, amid strained relations between the country and the traditional credit market, including the International Monetary Fund (IMF).

The IMF has recommended several times that El Salvador abandon Bitcoin as a legal tender due to financial risks. For analysts, the Fund must win the arm wrestling and El Salvador tends to put aside the digital currency to get a rescue.

Ark Invest dumps Coinbase shares

Three Ark Investment Management funds sold a total of more than 1.4 million Coinbase shares on Tuesday, the company said in a statement released today.

The decision comes nearly three months after Ark bought more than half a million shares in May.

On Tuesday, Coinbase shares closed down 21.08% at $52.93. Post-close trading showed the stock gained 3.08% to $54.56.

Exchange Kraken is investigated for violating sanctions

Cryptocurrency exchange Kraken is under investigation by the U.S. Department of the Treasury on suspicion of allowing Iranian users to utilize the site’s services in violation of federal sanctions.

The New York Times reported on Tuesday that the Treasury Department will likely impose a fine against the exchange, but did not specify when that might occur.

Kraken or CoinDesk sent a statement from Chief Legal Officer Marco Santori saying the exchange would not comment on “specific discussions with regulators.”

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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