The upcoming FOMC meeting in the US has been a historical catalyst for markets around the world, and crypto market traders are awaiting its results.
Crypto market traders helped Bitcoin stay above the $34,400 threshold as market participants went into a wait-and-watch mode. BTC’s rise in prices has been gradual for the past few days, but support levels are intact. All eyes are on the Fed Chair, as the FOMC meeting could significantly impact the crypto market in the short term.
Economists worldwide don’t expect a lot of action from the central bank. Most stated the Fed may continue with the current interest rates. If it does so, the crypto market could benefit from investors’ confidence. Regulatory and macroeconomic indicators are currently influencing the market, and it could continue this way. If the crypto ETFs go live sooner, Bitcoin could rise towards $40,000 and then set the tone for the crypto market.
For now, the crypto market is resilient compared to other public equity markets. As far as regulation is concerned, Europe has been an ideal destination for crypto regulatory clarity. The region has leveraged the MiCA regulation to create crypto hubs, which benefit crypto adoption.
Meanwhile, ETH broke past $1800, setting bullish targets for its investors. Its market cap is trading above $214 billion. On the other hand, Solana saw returns of 6.2% in the last 24 hours, along with positive returns from several tokens.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,400 on November 1, 2023, with BTC/USD trading higher by a margin of 0.6% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (30,293.74), as BTC’s 24-hour volume was at around $14 billion.
Bitcoin has seen around 108.15% returns on a year-to-date basis. 7-day returns for BTC stand at 0.7%, while its 100-day EMA was at around $28,650.08. Bitcoin’s overall market capitalization is trading at around $672 billion.
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