Investing.com-- Bitcoin climbed slightly Monday amid cautious trade ahead of the U.S. Federal Reserve interest rate decision due later this week.
The world’s largest cryptocurrency climbed 0.4% to $84,268.1 by 1:51 ET (17:51 GMT). The token lost more than 1% last week.
"BTC remained in a sideways consolidation over the past weekend, fluctuating within the $83,000–$84,000 range. There were two instances of price drops followed by quick recoveries, indicating that the primary players are repeatedly testing the $83,000 support level," Jack Tan, co-founder of Woo X.
"If BTC holds above this level without breaking down, the first target remains at $88,000. Should BTC successfully break through this level, the next major resistance lies at $92,000," he added.
Crypto markets await Fed decision amid tariff concerns
Crypto investors were adopting a cautious stance ahead of the Federal Reserve’s policy meeting scheduled for March 18-19, where interest rates are expected to remain steady.
Market participants are particularly eyeing the Fed’s commentary on President Donald Trump’s recent tariff policies and the potential implications for inflation and economic growth.
In December 2024, Bitcoin prices surged past $108,000 following Trump’s election victory, propelled by expectations of crypto-friendly regulatory appointments and the establishment of a national Bitcoin reserve.
However, the Federal Reserve’s hawkish stance during its December meeting, coupled with escalating trade tensions from Trump’s tariff announcements, have since tempered investor enthusiasm.
The upcoming Fed meeting is anticipated to provide insights into how ongoing trade disputes and tariff measures may influence monetary policy and broader economic conditions.
21Shares to liquidate two crypto ETFs amid market downturn
Crypto asset manager 21Shares said it will liquidate two of its exchange-traded funds (ETFs) by March 28 amid a significant downturn in cryptocurrency markets, according to a company statement on March 13.
21Shares offers the largest suite of cryptocurrency exchange-traded funds (ETFs) in the world, according to its website.
The affected funds are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (NYSE:ARKY) and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF (NYSE:ARKC). Both ETFs will stop trading on March 27, and shareholders will receive cash distributions based on their holdings after liquidation.
This decision comes as the cryptocurrency market experiences notable declines.
Despite these closures, 21Shares and its investment partner, ARK Investment Management LLC, reaffirmed their commitment to expanding regulated cryptocurrency products in the U.S. market.
Strategy adds 130 more Bitcoins to its stack
Strategy, formerly known as MicroStrategy, has slightly increased its already substantial Bitcoin holdings, using proceeds from a small sale of its preferred stock (STRK) to fund the purchase.
According to a Monday filing, the company acquired 130 BTC last week for about $10.7 million, paying an average price of $82,981 per coin. Strategy noted that its "BTC yield" stands at 6.9% so far this year.
With this latest addition, the firm’s total Bitcoin holdings have reached 499,226 BTC, purchased for a combined $33.1 billion at an average cost of $66,360 per token.
Crypto price today: most altcoins higher
Most altcoins were also lower on Monday amid a broader risk-off mood.
World no.2 crypto Ether climbed 1.3% to $1,934.47.
World no. 3 crypto XRP declined 1.6% to $2.36
Solana dropped 1%, while Cardano rose more than 2% and Polygon advanced 1.4%.
Among meme tokens, Dogecoin was trading 2.3% higher, while $TRUMP lost 0.1%.
Ayushman Ojha contributed to this report.