Bitcoin, Ethereum Gas Fees Hit Lows Ahead Of FOMC; Here’s Why

The Global crypto market cap fell by 3.6% over the last day after regaining the vital $1 trillion mark. Anticipation building over the upcoming Federal Open Market Committee (FOMC) meeting has led to an increase in the selling pressure in the market. Bitcoin price looked weak as the crucial meeting closes in.

Bitcoin price down by 3% in last 24 hrs

As per Tokenview, Bitcoin fees went down to hit 10.68BTC on July 24, 2022. It is down by more than 59% from its one week high. It added that the fees are on a decline for straight 5 consecutive days. This certain drop depicts the decrease in investors’ choice to invest in the token.

According to blockchain.com, Bitcoin’s confirmed transactions stood at around 199.9k on July 24. However, July 19 registered around 279.95k confirmed transactions.

Bloomberg reported that the crypto market can experience multiple swings ahead of the expected federal rate hike. The last 2 rate increases ended up reducing the market sentiments.

Bitcoin’s (BTC) price has dropped by over 3% in the last 24 hours. It is trading at an average price of $21,926, at the press time. However, BTC’s 24 hour trading volume has jumped by 7% to stand at $28.1 billion.

ETH gas fees continue to decline

The Tokenview also reported that Ethereum’s average Gas fee a record low of 9.12Gwie on the same day. It added that ETH’s Gas fee is also on a decline for the straight 4 days. Santiment mentioned that the traders are not going with the hype. They are expecting ETH prices to fall more in the anticipation of FOMC meeting. It is expected that Ethereum prices to stay volatile.

Glassnode reported a huge amount of on-chain exchange outflow over the past week. Around $3.3 billion flows into Ethereum. While more than $6.5 billion went out from the ETH. This makes a deficit of $3.1 billion from ETH only.

Ethereum is trading at an average price of $1,521, at the press time. ETH is trading down by 6% in the last 24 hours. Meanwhile, its 24 hour trading volume is up by 19% to stand at $18.9 billion.