Crypto markets hold steady ahead of Ethereum Pectra upgrade and Fed decision

📊 Altcoins outperform – Bittensor (TAO) and Jupiter (JUP) post strong gains, while Bitcoin and Ethereum trade flat.

🛠️ Ethereum Pectra upgrade on deck – The network’s most significant upgrade since 2022 is expected Wednesday, though timing could shift.

🏦 Fed rate decision looms – Markets await the Federal Reserve’s interest rate call, set for the same day as Ethereum’s upgrade.

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ALTCOINS are notching modest gains on today, with Bittensor (TAO) and Jupiter (JUP) showing strength on Luno.

Bitcoin (BTC) and Ethereum (ETH) traded largely flat over 24 hours, following a dip in BTC from around $95,700 to current levels in the early hours this morning.

Investor attention is now fixed on two major events set for Wednesday. Ethereum is scheduled to undergo its highly anticipated Pectra upgrade, the most significant change to the network since its transition to proof-of-stake in 2022. These upgrades have been notoriously flaky on timelines in the past, but we’ll keep you updated. 

On the same day, the Federal Reserve will announce its latest interest rate decision. While markets largely expect rates to remain unchanged, pressure from the political arena is intensifying. US President Donald Trump has called on the Fed to resume rate cuts, setting the stage for a potentially contentious policy moment.

With both a major protocol upgrade and a key macroeconomic decision landing midweek, crypto markets could see heightened volatility. 

In the markets… 

🌍 Total crypto market cap ⬇️

The global cryptocurrency market capitalization is approximately $2.95 trillion, reflecting a 0.89% decrease over the last 24 hours.

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🟠 Bitcoin (BTC) ⬇️

Price: Currently trading at around $94,542, marking a 1.09% decrease in the last 24 hours.

Daily high: Approximately $95,741

Daily low: Approximately $93,806

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📈 S&P 500 ⬆️

The S&P 500 index is up about 1.47% since yesterday.

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🙂 Fear & Greed Index

The Crypto Fear & Greed Index currently stands at 49/100, indicating a slight Greed sentiment among investors.

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📊 Bitcoin Relative Strength Index (RSI) (14)

The RSI for Bitcoin is approximately 41, with 70 and above indicating an overbought position, while 30 and below indicates that the asset is oversold.

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‍Post Script…

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Cautionary Notes

‍‍It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.