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© Reuters. Bitcoin, Ethereum, Dogecoin Trade Higher: Are Cryptos About To Shrug Off Fed’s Expected Rate Hike?continues to face resistance at the $40,000 mark and failed to cross the level over the weekend. At press time, on Sunday evening, the apex coin traded higher over 24 hours as the global cryptocurrency market cap rose 3.2% to $1.75 trillion.
| Bitcoin (CRYPTO: BTC) | 2.5% | -0.8% | $38,734.95 |
| (CRYPTO: ETH) | 3.75% | -1.3% | $2,844 |
| (CRYPTO: DOGE) | 4% | 4.3% | $0.13 |
| Fantom (FTM) | +18% | $0.80 |
| NEAR Protocol (NEAR) | +15.2% | $12.13 |
| Harmony (ONE) | +14.7% | $0.85 |
See Also: How To Get Free NFTs
Why It Matters: Cryptocurrencies remain under pressure, along with tech stocks, as the market braces itself for upcoming monetary policy action from the U.S. Federal Reserve.
The Federal Open Market Committee (FOMC) is set to begin a meeting on Tuesday.
“Bitcoin’s fundamentals are starting to weaken as crypto retail and institutional interest is waning. Now that the $40,000 level seems like solid resistance for Bitcoin, crypto traders are anticipating a consolidation that could send prices towards the $37,500 level,” said Edward Moya, a senior market analyst with OANDA, in a note.
In intraday trading preceding Sunday evening, Bitcoin touched the $37,585.79 mark.
However, investor sentiment seems to be improving. Alternative.me’s “Cryptocurrency Fear & Greed Index” indicated “Fear” at press time. The index was showing “Extreme Fear” last week.
Cryptocurrency analyst Michaël van de Poppe said the Federal Reserve rate hike is “already getting priced in or maybe priced in, at this point.”
“The majority is expecting the markets to nuke in the coming week due to the FED meeting and additional hikes,” he said on Twitter (NYSE:).
The majority is expecting the markets to nuke in the coming week due to the FED meeting and additional hikes.
However, that expectation is already getting priced in or maybe priced in at this point.
— Michaël van de Poppe (@CryptoMichNL) May 1, 2022
Glassnode co-founder Rafael Schultze-Kraft said on Twitter Sunday that Ethereum users paid a median fee of $4,830 transactions in a single hour. Kraft noted that miners made $87.66 million within that window.
#Ethereum miners are happy though – they made $87,664,337 within a single hour.
An ATH of course, by far.https://t.co/2OnF0m3OCl pic.twitter.com/eChNqO2RtT
— Rafael Schultze-Kraft (@n3ocortex) May 1, 2022
At press time, the average transaction fee on Ethereum stood at $0.072 ETH or $204.40, according to BitInfoCharts.
Read Next: Elon Musk Laughs At Warren Buffett: What Did The Oracle (NYSE:) Of Omaha Say?
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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- NYSE:AMC fell by 3.0% during Monday’s trading session.
- The new payment upgrades to AMC’s mobile app have not impressed investors.
- Fantastic Beasts 3 struggles at the box office and debuts at a franchise low.
NYSE:AMC extended its recent decline as the meme stock falls further below its 50-day moving average price and erases any gains made in the month of March. On Monday, shares of AMC fell by 3.0% and closed the trading day at $17.48. US markets were lacking direction to start the week, as a series of macroeconomic factors weighed on investors. Talk of imminent rate hikes from the Fed and the start of earnings season seemed to play a role in the volatility on Monday that led to all three major indices closing lower yet again. The Dow Jones edged lower by 39 basis points and the S&P 500 and NASDAQ dipped by 0.02% and 0.14% respectively during the session.
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AMC’s recent payment upgrades for its mobile app and desktop site have not impressed investors. Last year, CEO Adam Aron polled the Apes about which cryptocurrencies they would like to have added as payment methods. Not surprisingly, retail traders voted for DogeCoin and Shiba Inu Token along with Bitcoin and Ethereum. The additional methods were added last week along with Apple Pay, Google Pay, and PayPal, but thus far it hasn’t moved the needle for the stock despite Aron once again showing he is willing to support his shareholders.
AMC stock price
Easter weekend wasn’t as successful as many in the industry thought it would be as the latest installment of the Harry Potter series had the lowest debut in franchise history. Fantastic Beasts 3 was the top film at the box office, but it only brought in a total of $43 million which narrowly edged out Sonic the Hedgehog 2 in its second week of screenings