Bitcoin, Ethereum, and XRP traders are eagerly anticipating the US Federal Reserve's rate decision, which could lead to increased market volatility.
Sentiment of Bitcoin, Ethereum, and XRP Traders
Coinglass data shows reduced trader activity over the last 24 hours with BTC and ETH trade volumes down nearly 11% and 7%, and XRP down 14%. This comes as positions totaling nearly $89 million were liquidated. Open interest, representing the total value of open contracts, increased by 1.42%, 4.90%, and 1.49% for BTC, ETH, and XRP respectively.
On-Chain Analysis of BTC, ETH, and XRP
Santiment's on-chain analysis reveals positive funding rates for Bitcoin futures on Binance, indicating price appreciation expectations. While Bitcoin's supply held by institutional investors keeps declining, XRP active addresses have increased. This suggests a stable Ethereum price amidst expected upward movements in Bitcoin and XRP.
FOMC Meeting and Future Price Prospects
Gracy Chen from Bitget highlighted that Trump's pro-crypto stance has left traders puzzled. Discussions about a strategic Bitcoin reserve in the US are ongoing. The March 19 FOMC meeting is expected to maintain interest rates, possibly leading to short-term cryptocurrency market fluctuations. Experts predict that easing policies may boost the market, while hawkish stances could restrain it.
The upcoming FOMC meeting will spotlight cryptocurrencies, potentially creating opportunities for price movements and trading in Bitcoin, Ethereum, and XRP.
