After some beatdown, Bitcoin and other top crypto tokens were mostly back in recovery mode ahead of the US Federal Reserve’s monetary policy later in the day. The US central bank is expected to increase the interest rate by 25 basis points on Wednesday. Korean crypto markets continued to remain stronger.
Bitcoin was trading higher as the largest crypto token rose another 2 per cent in the last 24 hours to scale the $29,000 level. Its largest peer, Ethereum, posted similar gains; the second-largest crypto asset jumped as much as 2 per cent and topped the $1,900 mark.
Bitcoin regains strength post Federal Reserve raising interest rates by 25 basis points. The Fed signaled that Wednesday’s rise maybe it is the last one for now, said Edul Patel, CEO and Co-Founder of Mudrex.
Stacks(STX) is a Bitcoin Layer for smart contracts that allows smart contracts and decentralised apps to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain. All Stacks layer transactions are automatically hashed and settled on the Bitcoin L1.
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On the 12-hourly time frame, the STX chart has broken out of the descending trendline with a minor surge in trading volume. We could expect this momentum to continue for the following few days. An immediate resistance is expected at $0.95 and the next support level is expected at $0.55(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
