The day before, cryptocurrency prices rose: Bitcoin managed to rise above $27,000 for the first time this month. Subsequently, the second cryptocurrency showed positive dynamics: Ethereum managed to reach $1,668.99 in the last 24 hours.
The reason for the rise in cryptocurrency prices could be in the Asian markets – digital assets began to grow, along with an increase in trading volumes in Asia. Asia became more active after the Nikkei statement: According to the Japanese platform, Tokyo plans to allow startups to sell digital tokens to venture funds in addition to traditional assets – stocks and stock options.
Another positive factor is investor optimism about the US Federal Reserve’s two-day meeting starting tomorrow. According to traders, there is a 99% chance that the agency will leave the key interest rate at the same level, but in November the probability of this event is only 31%.
For the first time since May, Bitcoin has enjoyed a relatively stable uptrend despite bearish sentiment among investors. Bitcoin’s 50-day moving average declined in August and recently surpassed its 200-day moving average. Cryptocurrency traders don’t typically worry about such short-term volatility, but some market participants have begun to worry that Bitcoin has exhausted its growth momentum. In response, the largest cryptocurrency recorded a 4% month-on-month increase the day before.