Bitcoin posted strong gains as the biggest crypto currency jumped more than a per cent, retrieving $27,000-levels
Bitcoin and other crypto currencies were trading higher on Wednesday ahead of the Federal Reserve’s policy meeting due later today, where the bank is expected to make no changes in the interest rates. The ether-to-bitcoin ratio hit a 14-month low. Ethereum co-founder Vitalik Buterin, moved coins to crypto exchanges, possibly as a prelude to selling, according to experts.
Bitcoin posted strong gains as the biggest crypto currency jumped more than a per cent, retrieving $27,000-levels. However, its biggest peer Ethereum, rose slightly, but did not surpass the $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 jump could be because Japan’s leading investment bank, Nomura, is making headlines by introducing a Bitcoin-based fund tailored particularly 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 upcoming Fed’s Federal Open Market Committee decision regarding federal interest rates. In the meantime, Ethereum is trading above the $1,600 level. Interestingly, Grayscale recently made an application for a new Ethereum Futures exchange-traded fund to the US Securities and Exchange Commission, he added.
Barring a few exceptions, all leading crypto currencies were trading up on Wednesday. Toncoin soared over 3 per cent, while XRP and Polygon added more than 2 per cent each. Among the laggards, Solana and Cardano lost around half-a-per cent each in the early hours.
The global crypto currency market capitalisation was considerably higher, increasing to $1.08 trillion-mark, as it added nearly a per cent during the past 24 hours. However, the total trading volumes declined more than 8 per cent to $27.71 billion.
Bitcoin’s value has risen by more than 1 per cent. Currently, it is trading at its 50-day Simple Moving Average, which has earlier acted as a resistance level. It is worth noting that Bitcoin’s open interest has also seen a recent rise, according to CoinDCX Research Team.
Moreover, Citi is making significant advancements in its services for institutional clients by adopting blockchain technology. Citi Token Services, introduced on Monday, lets clients tokenize their deposits for instant global transfers. Furthermore, the bank is now using smart contracts to automate the trade process. These developments are positive for the crypto space, it added.