During the Asian session, the Bitcoin price’s bullish streak continues, and BTC has soared over 2% to $20,735. In contrast, Ethereum is on a tear, rising more than 5% in the last 24 hours to trade at $1,560.
Major cryptocurrencies were trading in the green early on October 27 as the global crypto market value gained, rising from $976 billion to $1 trillion.
A top US bank regulator has stated that the government wants to make it easier for banks and their clients to hold cryptocurrencies while maintaining control over the rapidly growing asset.
In an interview published on Monday by Reuters, Jelena McWilliams, chair of the Federal Deposit Insurance Corporation, said that a group of US bank regulators is working on a guide for financial institutions to use when dealing with cryptocurrency.
This is considered good news because it will help increase crypto adoption and demand in the long run. Let’s take a look at the top winners and losers so far today.
Top Altcoin Gainers and Losers
Toncoin (TON), Dogecoin (DOGE), and Convex Finance were the top performers in the Asian session (CVX). Toncoin’s price has increased by more than 15% to $1.90, while DOGE’s price has increased by nearly 15% to $0.073.
At the same time, CVX has gained more than 8% in the last 24 hours to trade at $5.
Chain (XCN) has dropped more than 3% in the last 24 hours to $0.053. ApeCoin (APE) has fallen by more than 3% to around $4.7.
Fed Isn’t Too Hawkish, Keeping Crypto Supported
According to JPMorgan Chase’s president, crypto “is kind of insignificant in the scheme of things.” Defending the Federal Reserve’s hawkish attitude, he commented on the state of the American economy, saying that if the Fed’s policy “causes a little deeper recession for a period of time,” then “that is the price we have to pay.”
The head of JPMorgan warned that a return to the softer monetary policy too soon might lead to a recurrence of the mistakes made in the 1970s and 1980s when inflation became entrenched in the economy.
On Tuesday, US Senate Banking Committee Chair Sherrod Brown cautioned Federal Reserve Chair Jerome Powell against tightening monetary policy to the point where millions of Americans, who are already suffering from high inflation, also lose their jobs.
In what has been the steepest sequence of rate rises in about 40 years, Fed policymakers are generally expected to issue a fourth straight supersized interest-rate hike when they meet next week, bringing the policy rate to 3.75%-4%.
However, the perception of less aggressive rate hikes is supporting Bitcoin and other cryptocurrencies.
The current Bitcoin price is $20,783, and the 24-hour trading volume is $60 billion. Bitcoin has increased by over 2% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $398 billion, up from $388 billion yesterday.
Bitcoin is keeping up with the uptrend, after breaking out of the symmetrical triangle pattern at $19,250. As predicted in the Bitcoin price prediction for October 26th, the BTC/USD pair has traded bullishly, breaking through immediate resistance levels of $19,900 and $20,430.
For the time being, it is meeting immediate resistance at $21,000, a level that’s being extended by 61.8% Fibonacci retracement. The RSI and MACD remain in a buying zone, suggesting a bullish run; similarly, the 50-day moving average suggests buying above $19,600.
As a result, if the 61.8% Fibo level is broken, the buying trend could be extended to $21,900. However, if the current uptrend continues, BTC could reach $22,500.
On the downside, Bitcoin’s immediate support remains close to $20,400 and $19,900. Today, investors may look for a buying position upon a breakout of the $21,000 level.
The current price of Ethereum is $1,564, with a 24-hour trading volume of $30 billion. In the last 24 hours, Ethereum has gained over 5%. CoinMarketCap currently ranks #2, with a live market cap of $191 billion.
On the technical front, the ETH/USD pair has completed a 61.8% Fibonacci retracement at $1,550 and is now holding above it, suggesting chances of a further uptrend.
On a daily basis, ETH finished with two bullish engulfing candlesticks, indicating a strong rally that could fuel Ethereum buying. On the plus side, Ethereum may now be heading towards a 78.6% Fibo level of $1,650.
Leading indicators such as the RSI and MACD are rising. As a result, the chances of a bullish trend extending toward $1,650 remain solid. If the price of ETH rises above $1,650, it could reach the $1,785 level.
New Crypto Presales
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With over $2.6 million raised in less than a week, the Dash 2 Trade presale is on track to become one of the year’s largest token sales. You can still take part in the Dash 2 Trade presale and buy D2T tokens for $0.05 USDT.
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