The price of Bitcoin (BTC) remains stagnant below the $38,000 level as the U.S. Securities and Exchange Commission (SEC) continues to struggle to reach a decision regarding exchange-traded funds (ETFs). Meanwhile, both Ethereum (ETH) and Ripple (XRP) are losing strength amid recent profit-taking in the Crypto markets.
At the beginning of the current week, cryptocurrency prices saw a significant increase on Monday, suggesting that investors may be regaining confidence in the market. This optimism is fueled by positive expectations for the approval of a Bitcoin Spot ETF, following a market reversal last week that led to the loss of some recent gains due to trader caution.
These price movements coincide with developments from BlackRock regarding a Spot Ethereum ETF last week. However, the SEC appears to be delaying its decision regarding all ETFs in the United States, raising concerns in the Crypto market.
Investors are expected to closely monitor the minutes of the Federal Open Market Committee meeting scheduled for Tuesday, November 21. This event is crucial as it will provide insights into the current economic health and possible future trends of the Federal Reserve regarding future interest rate hikes.
Among the notable cryptocurrency price movements, Bitcoin rose by 1.77% to reach $37,177.93, with a 20.11% increase in trading volume to $14 billion. These gains have helped boost investor confidence in the markets.
Ethereum recorded gains of 2.45%, trading at $2,002.57, while its 24-hour trading volume decreased by 5.46% to $7.73 billion. Ripple (XRP) also experienced a 2.69% increase to reach $0.6239, with a 21.75% increase in one-day trading volume to $1 billion.
As for meme coins, Dogecoin rose by 2.32% to $0.08025, with a 55.99% decrease in volume to $541.48 million. Additionally, Shiba Inu increased by 2.13% to $0.000008632, with a 28.54% decrease in volume to $107.61 million.
In my opinion, these recent increases in most cryptocurrency prices today have contributed to market gains, boosting confidence and alleviating the caution and uncertainty that dominated the markets. It’s worth noting that the cryptocurrency market’s fear and greed index reached 74, indicating a greedy sentiment among investors and serving as a major driver supporting short-term price increases. This supports the current profit-taking phase, which may, however, contribute to a medium to long-term downturn, especially with increasing concerns related to the SEC’s approval of the instant trading funds project.