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​Russia Starts Developing Mechanism for International Crypto Payments

Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments.

Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency, have taken on the task, the financial watchdog told the daily Izvestia.

“The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision,” Rosfinmonitoring explained and added that their responsibilities should also include combating money laundering.

The current version of the bill “On Digital Currency,” put forward by the finance ministry earlier this year and revised with input from other authorities, provides for the establishment of domestic infrastructure for crypto asset trading. Now, Russian regulators have turned their attention to the settlement mechanism for cryptocurrency payments in foreign trade.

This week, Deputy Minister of Finance Alexey Moiseev unveiled that his department and the Bank of Russia have reached an in-principle agreement on new legislation authorizing international payments in cryptocurrency.

Earlier in September, the two institutions concluded that Russia “can’t do without cross-border crypto payments” in the face of mounting sanctions. Quoted by the RIA Novosti news agency and the business daily Kommersant, the government official said:

Now we have a bill already agreed with the central bank. It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be used, in the first place in cross-border settlements.

At the same time, according to a report by RBC Crypto, Moiseev admitted that the issue with “entry and exit to fiat” remains to be resolved. Then, experts will have to determine the minimum infrastructure that Russia needs to create in order to be able to implement such cryptocurrency payments.

The finance ministry and the monetary authority have also agreed on a draft law concerning crypto mining that will legally define the activity. The deputy minister noted that the question of whether miners should credit the minted digital coins to wallets in the Russian Federation or abroad has so far been decided in favor of the second option.

​Bitcoin Network’s Mining Difficulty Drops for the First Time in 2 Months

Following four consecutive Bitcoin mining difficulty increases, the network’s difficulty dropped for the first time in 68 days, sliding 2.14% at block height 756,000 on Tuesday. The change means it’s currently 2.14% easier to find a bitcoin block reward following the mining difficulty’s all-time high (ATH) that took place on September 13.

Bitcoin miners caught a break this week after the network’s mining difficulty slid by 2.14% on Tuesday evening. The difficulty is now 31.36 trillion following the 32.04 trillion ATH recorded on Tuesday, September 13. The network’s difficulty will remain at 31.36 trillion for the next two weeks, as the difficulty is adjusted every 2,016 blocks.

While the network’s hashrate is coasting along at 234 exahash per second (EH/s), statistics show during the last 2,016 blocks the average hashrate was 225.2 EH/s. According to current metrics, with current BTC prices and electrical costs at $0.07 per kilowatt hour (kWh), roughly 41 SHA256 application-specific integrated circuit (ASIC) bitcoin miners make an estimated profit between $0.12 and $7.95 per day. At $0.12 per kWh, nine ASIC bitcoin miners make an estimated profit between $0.33 and $4.24 per day.

The top five most profitable ASIC mining machines today include the Bitmain Antminer S19 XP with 140 terahash per second (TH/s), the Antminer S19 Pro+ Hyd (198 TH/s), the Microbt Whatsminer M50S (126 TH/s), the Microbt Whatsminer M50 (114 TH/s), and the Bitmain Antminer S19 Pro (110 TH/s).

During the past three days, 423 blocks were discovered by miners and Foundry USA found 108 blocks. Foundry has been the top miner during the last three days with 25.53% of the global hashrate or 56.53 EH/s.

Foundry is followed by Antpool, F2pool, Binance Pool, and Viabtc respectively. Currently, 11 known mining pools are dedicating hashrate toward the Bitcoin blockchain, representing 98.11% of the global hashrate. Unknown hashrate commands 1.89% of the global hashrate today or 4.19 EH/s used to discover eight blocks out of the 423 found in three days.

Meanwhile, at current block time speeds the next difficulty change is estimated to be an increase of roughly 1.32%, but that could change a great deal over the next 1,957 blocks left to mine.

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​Binance Officially Launches Crypto Exchange in New Zealand Following Regulatory Approval

Binance has officially launched a cryptocurrency exchange in New Zealand after successfully registering with the country’s financial regulator. “We see significant value in having a serious New Zealand presence,” said Binance CEO Changpeng Zhao (CZ).

Global crypto exchange Binance announced Friday that it has successfully registered as a financial service provider with the New Zealand Ministry of Business, Innovation and Employment (MBIE). The crypto exchange also announced the official launch of Binance New Zealand (Binance NZ).

Noting that the registration was actually effective on Sept. 10, the company detailed:

This registration allows Binance NZ to offer a range of financial services, including spot trading, staking, NFTs and more.

Binance CEO Changpeng Zhao (CZ) commented: “A lot of major tech firms are slow to open a New Zealand office. I guess for some, it’s easy to overlook as it’s a smaller market but we see significant value in having a serious New Zealand presence.” The executive continued:

The history of fintech innovation in New Zealand is very well known, with one of the earliest and most rapid uptakes of digital transactions in the world.

“We see New Zealand as a bit of a pioneer, so from that perspective, I think there’s a lot to be learned here with our local team working with Kiwis to envisage the future of currency, transactions and the web,” Zhao further opined.

Binance has been expanding globally, including in Dubai, Kazakhstan, Romania, Spain, Brazil, Italy, and France. The company is also reportedly trying to reenter the Japanese crypto market after exiting it four years ago. Meanwhile, the crypto exchange is seeing a record increase in the number of Indian users after the government started imposing a new crypto tax.

The company has made regulatory compliance one of its top priorities. Last week, Binance created a global advisory board to tackle regulatory challenges.

​UN Report Urges Fed to Suspend Interest Rate Hikes, Presses for ‘Public Spending’ Increases

The United Nations Conference on Trade and Development (UNCTAD) has warned that the U.S. Federal Reserve’s interest rate hikes and the slew of other central banks raising rates, could pose harm to the global economy. UNCTAD calculated that for every Fed basis point rise, the economic output of wealthy countries declines by 0.5%, and for poorer countries, the value of all sales of goods and services is reduced by 0.8% for a duration of three years.

Monetary tightening measures may not be a good idea according to the United Nations (U.N.) agency UNCTAD. The entity, created in 1964, is an intergovernmental organization created to help developing nations enhance global trade. UNCTAD notes in an annual report that the recent interest rate hikes by the U.S. Federal Reserve and numerous central banks worldwide will reduce the economic output of both wealthy and poor countries between 0.5% and 0.8% over a three-year period.

“The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies,” UNCTAD’s report notes. “UNCTAD projects that world economic growth will slow to 2.5% in 2022 and drop to 2.2% in 2023. The global slowdown would leave real GDP still below its pre-pandemic trend, costing the world more than $17 trillion — close to 20% of the world’s income.”

The annual report immediately digs into central banks raising benchmark lending rates and creating tougher monetary policy. UNCTAD blames the world’s economic hardships on “supply-side shocks, waning consumer and investor confidence,” and the Ukraine-Russia war. “Despite this, leading central banks are raising interest rates sharply, threatening to cut off growth altogether and making life much harder for heavily indebted firms, households, and governments,” the U.N. agency’s report explains.

The report, authored by UNCTAD’s secretary-general Rebeca Grynspan, says that Latin American countries and specific regions in Africa may “suffer [from] some of the sharpest slowdowns this year.” “The average growth rate for developing economies is projected to drop below 3% — a pace that is insufficient for sustainable development and will further squeeze public and private finances and damage employment prospects,” Grynspan details. UNCTAD’s call on the Fed and the rest of the world’s central banks is quite similar to the complaint written by U.S. Senator Elizabeth Warren (D-Mass).

Warren complained about the Fed raising the federal funds rate after it hiked the rate by 75 basis points (bps) on July 27. Using the news outlet the Wall Street Journal (WSJ), Warren published an opinion editorial that said the U.S. central bank could trigger “a devastating recession.” Warren further talked about the subject again on CNN’s State of the Union weeks later, after Fed chair Jerome Powell presented his economic outlook at the 2022 Jackson Hole Economic Symposium. Grynspan’s report is in kindred spirit, and it details that “interest rate hikes by advanced economies are hitting the most vulnerable hardest.”

UNCTAD’s report concludes by highlighting a few ways global leaders can address the problem and one of them is to “increase public spending.” The agency also urges governments to enforce “strategic price controls to directly target energy, food and other vital areas.” The U.N. agency calls on public and private executives to direct more funds toward green energy research and development. Lastly, the agency wants to see global leaders get behind the Black Sea Grain Initiative. The U.N.-led initiative would allow massive volumes of food and fertilizer exports from Odesa, Chornomorsk, and Yuzhny in Ukraine.

​Binance Receives License to Operate in Kazakhstan

The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August.

Crypto exchange Binance has received a license to conduct business in Kazakhstan, the company said in a press release on October 6.

According to the press release, the newly acquired license from the Astana Financial Services Authority (AFSA) will now give Binance the status of a regulated platform that can operate as a digital asset and custody services provider at the Astana International Financial Center.

“We are proud to announce that Binance has taken another step in its quest to be a compliance-focused exchange,” Gleb Kostarev, Binance’s Asia director, stated in the press release.

The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August. The Astana International Financial Center is a regional platform dedicated to the development of services related to digital assets.

Earlier this year, the crypto exchange increased the size of its compliance team and received approvals and provisional approvals from other nations and jurisdictions, including France, Dubai, and Spain, after receiving criticism from regulators in the UK and Japan last year, as well as Uzbekistan and Israel this year.

Binance and Kazakhstan also announced earlier yesterday that they are joining forces in a partnership that will seek to ensure the safe development of the country’s crypto market.

The Memorandum of Understanding revealed that Binance and Kazakhstan’s Financial Monitoring Agency intend to inform each other about cases involving the use of digital assets for illegal activities.

Binance also promised to share data that can be used to identify and block cryptocurrency holdings acquired through illegal means, as well as those used in the financing of terrorism and the laundering of illicit proceeds.

Tigran Gambaryan, the company’s global head of intelligence and investigations, stated that Binance has the most comprehensive compliance program in the market. He added that this program includes tools to identify suspicious activity and accounts, as well as anti-money laundering and sanctions compliance principles.

In May, Binance and the Ministry of Digital Development and Innovation of Kazakhstan signed another Memorandum of Understanding, as part of which Binance will advise the government of Nur-Sultan on cryptocurrency regulations.

​Bitcoin Mining Difficulty Surges to an All-Time High, Network Prints 2022’s Largest Retarget Increase

Bitcoin’s mining difficulty reached an all-time high on October 10, which means it’s more difficult than ever before to mine the leading crypto asset. Following the difficulty reduction on September 27, the network’s mining difficulty increased 13.55% higher at block height 758,016 as it printed the highest difficulty rise recorded this year.

Five days ago, Bitcoin’s hashrate reached an all-time high (ATH) when it tapped 321.15 exahash per second (EH/s) at block height 757,214. While the hashrate has been a whole lot higher, the speed at which blocks are found has been less than ten minutes per interval. When blocks are mined faster than usual, after 2,016 blocks are mined, the network’s difficulty adjustment retargets with increased difficulty. The opposite is true if blocks are discovered too slowly during the 2,016-block period (two weeks), and the difficulty will shrink.

After tapping the hashrate ATH on October 5, block times remained faster than the ten-minute average and on October 9, block intervals were spread by 7:65 minutes. At the time of writing, even after the latest difficulty increase, Bitcoin’s block generation times are around 8.7 minutes. Furthermore, the current hashrate following the difficulty change is around 244.03 EH/s. The 13.55% difficulty rise was a notable increase and the largest of 2022 so far, according to records, as the second largest increase (9.32%) took place on January 20, 2022.

The latest rise pushed the network’s difficulty above the previous all-time difficulty high that was recorded on September 13 at 32.05 trillion. Today, following the retarget, the current difficulty is 35.61 trillion and it will remain at that parameter for the next two weeks. Presently, the top mining pool on Monday, October 10, is Foundry USA as it commands 29.22% of the network’s total hashrate. Foundry has roughly 75.87 EH/s dedicated to the BTC blockchain and the pool discovered 149 out of the 510 blocks found during the last three days.

Antpool is the second-largest mining pool with 20.39% of the global hashrate or roughly 52.95 EH/s. The mining pool managed by Bitmain, Antpool, has discovered 104 blocks out of the 510 discovered in the last three days. Statistics show there are 12 known mining pools today dedicating SHA256 hashrate toward the BTC chain. Unknown hashrate, otherwise known as stealth miners, commands 5.09 EH/s on Monday, or 1.96% of the total hashrate recorded. Out of the 510 blocks found in 72 hours, unknown hashrate found ten of the block rewards.

With bitcoin prices so low, the network’s mining pools are making less money amid the highest difficulty rating recorded in over 13 years. Prior to the latest change, mining revenue per petahash per second (PH/s) was around $80 per PH/s and today it’s now $70 per PH/s. At $0.12 per kilowatt hour (kWh), only three mining rig models are profitable and at $0.07 per kWh in electrical costs, roughly 35 mining rig models are profiting today.

​Brazilian Securities and Exchange Commission CVM Defines Rules to Classify Cryptocurrency Assets as Securities

The Brazilian Securities and Exchange Commission (CVM) has clarified the criteria by which different cryptocurrency assets can be considered securities. Through the issuance of a guidance opinion document, the CVM defines different classifications for existing cryptocurrency assets, specifies which can be viewed as securities, and explains how it will intervene in these markets.

The Brazilian Securities and Exchange Commission (CVM) has issued a new guidance opinion document that touches on the issue of crypto-based securities. The document, which acknowledges there is still a vacuum on the subject due to the absence of specific regulation, defines cryptocurrencies as digitally represented assets, protected by cryptography tech, that can be transacted and stored through Distributed Ledger Technologies (DLT).

According to the new criteria, tokens that can be considered securities must be digital representations of the following structures: shares, debentures, subscription bonuses; right coupons, subscription receipts, and split certificates relating to the securities; certificates of deposit of securities; and debenture notes.

In the same way, other kinds of tokens can also be deemed securities depending on their classification. The CVM further clarified that the tokenization of assets will not be subject to prior approval or registration with the organization, but if the resulting assets are considered securities, they will have to comply with already existing security regulations.

The document also divides cryptocurrency assets into three different classes. The first one is called payment tokens, comprised of assets that seek to replicate the functions of fiat currency, including unit of account, medium of exchange, and store of value.

The second class is denominated utility tokens and is comprised of all tokens used to acquire or gain access to certain products or services. The third class is denominated “asset-backed tokens,” including all tokens that are digital representations of tangible or digital assets. This class includes stablecoins, security tokens, and non-fungible tokens (NFTs).

The CVM clarifies elements of this last class can be considered securities depending on the specifics of each token in the class. The document states the CVM will continue surveilling cryptocurrency markets and will act according to these new definitions. However, none of these criteria are final, and they can change in the future when regulation on the subject gets passed.

Localbitcoins, Crypto, Other Providers Suspend Services for Russians Under EU Rules

Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain, and Crypto have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine.

About a week after the European Union introduced another set of measures aimed at hurting Russia’s economy and finances, including its access to the crypto market, a number of service providers in the industry have taken steps to comply with the new requirements. In April, the bloc banned only high-value services, those for digital assets exceeding €10,000 in value ($11,000 at the time). Last Thursday, Brussels prohibited the provision of all crypto-related services to Russian residents and entities, regardless of the amount.

Localbitcoins, the peer-to-peer exchange platform, has recently told Russian citizens it can no longer offer them its services, Forklog reported. The only exception that can be made is for persons that also hold a passport issued by a country from the European Economic Area (EU member states plus Iceland, Liechtenstein, and Norway) and Switzerland, those who have a permanent residence permit in these jurisdictions.

The crypto news outlet also revealed that wallet operator Blockchain has sent out a notice informing customers that due to the EU sanctions, it’s unable to provide custodial and rewards services to Russian nationals. The company has asked affected users to withdraw their funds by Oct. 27, after which date their accounts will be blocked.

The crypto news page of the leading Russian business portal RBC, which confirmed this development, also posted about Crypto’s decision to add Russia to its list of countries, the citizens of which cannot take advantage of its services.

​Biggest Movers: XMR Moves to 10-Day High, AAVE Remains Near 5-Week Peak

Monero raced to its highest point in ten days, as the token moved past a key resistance level on Wednesday. Today’s move sees the token rise higher for a fourth consecutive day, following a rebound from its long-term floor. Aave was also in the green, as it remained close to a five-week peak.

Despite cryptocurrency markets mostly trading lower on Wednesday, monero (XMR) was one of the exceptions, as it extended recent gains.

XMR/USD surged to an intraday peak of $148.46 earlier in today’s session, which comes less than 24 hours after it was trading at a low of $145.41.

Today’s move sees monero in the green for the fourth straight session, resulting in prices hitting their highest point since October 9.

Looking at the chart, hump day’s peak came following a breakout of a key resistance point of $147.00.

Another key observation can be seen from the 14-day relative strength index (RSI), which also moved past a ceiling of its own, at 52.75.

As of writing, the index is tracking at 53.88, which is its highest point since September 12.

Aave (AAVE) continued to trade near a multi-week high in today’s session, as the token remained near its recent ceiling.

Following a move to a five-week high of $83.33 on Tuesday, AAVE/USD hit a peak of $83.19 earlier today.

Yesterday’s high saw the token marginally break out of a resistance level of $83.30, with bulls attempting to stay close to this point today.

Bullish sentiment remains high, as the 10-day (red), and 25-day (blue) moving averages look set for an upwards crossover.

Should this happen, the current ceiling of $83.30 will likely be broken, with bulls potentially targeting the $90.00 level.

The RSI is currently tracking at 60.33, which is its strongest point since mid-August, and this could give an entrance for bears hoping to push the overbought market lower.

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Financial literacy 101 👇

You need to spend less each month than you earned in the previous month.

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​​Biggest Movers: QNT Extends Recent Gains, Climbing by 10% on Saturday

Quant moved higher for a second straight session on Saturday, as prices rose by as much as 10%. The move sees the token break out of a key resistance level, with many now expecting a move towards $200. Xrp was also higher, extending recent gains in the process.

Quant (QNT) was up for a second straight day, as prices rose by as much as 10% to start the weekend.

Less than 24 hours after hitting a peak of $179.15, the token surged to an intraday high of $193.75 earlier today.

Today’s move sees QNT/USD break out of its recent resistance point of $185.00, with many now expecting prices to move back to $200.

However, earlier gains have somewhat eased, and as of writing, the token is currently trading at $182.97

Looking at the chart, the 14-day relative strength index (RSI) is now tracking at 60.88, after failing to move past a ceiling of 65.00.

Should bulls eventually overcome this obstacle, it is likely that we will see the price move back above $200.00.

Another notable mover on Saturday was XRP, which rose by over 6% to start the weekend.

XRP/USD rose to a high of $0.4668 on Saturday, which follows up from Friday’s low of $0.4418.

The move sees prices bounce from a key support point of $0.4495, moving away from a three-week low in the process.

Looking at the chart, the move comes as the 14-day RSI marginally broke out of a resistance level of 49.00.

Currently, the index is tracking at 50.03, which is the highest point price strength has hit since Tuesday, signaling a return of bullish sentiment.

Should bulls continue to maintain upward momentum, we will likely see the token formerly known as ripple moving closer to a ceiling of $0.5000.

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​​Biggest Movers: DOGE Hits 1-Week High as Prices Rebound on Tuesday

Dogecoin rose to a one-week high on Tuesday, as the meme coin rebounded from recent losses. The token rose by as much as 3% earlier in today’s session, moving away from a recent point of support in the process. Monero was also higher, as bulls pushed it closer to a key resistance level.

Dogecoin (DOGE) was trading higher during Tuesday’s session, as bullish sentiment returned to the market.

Earlier in today’s session, DOGE/USD raced to an intraday high of $0.06098, which comes less than 24 hours after trading at a low of $0.05907.

Today’s surge saw DOGE move away from a recent price floor of $0.0585, where it has mostly consolidated since late September.

Looking at the chart, one of the triggers of this rise in price was a breakout which took place on the 14-day relative strength index (RSI).

The index moved past its recent ceiling of 50.00, which has been in place since October 9, and it is now tracking at 51.19.

It also appears that the 10-day (red) and 25-day (blue) moving averages could cross over, which may also trigger further upward movement.

In addition to dogecoin, monero (XMR) moved higher on Tuesday, as prices headed towards a long-term resistance level.

Following a low of $142.15 on Monday, XMR/USD raced to a peak of $144.79 earlier in today’s session.

This increase in price sees the token continue to move away from a floor of $139.40, and it now looks to be heading to a ceiling of $147.00.

However, bulls targeting this point may find difficulty, as price strength appears to be hovering near a point of resistance.

The RSI is currently tracking at 50.16, which is marginally below a ceiling of 51.00, which was last properly broken in mid-September.

Should this threshold be passed, we will likely see traders attempt to take the token to a higher ceiling of $153.00.

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🚀 HYPE HERO bots & insights on trades & investing.
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🚀 In person parties & in metaverse

Whether you’re trading, developing, or a long term investor, we will make finding a way to increase your profit our top priority 💰

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- Follow Twitter: https://twitter.com/BEHYPEHEROS

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​​Huobi Global to Delist HUSD — Stablecoin Slips Below $1 Parity to $0.89

On Thursday, the cryptocurrency exchange Huobi Global announced that the trading platform plans to delist the stablecoin HUSD and the delisting will begin at 08:00 (UTC) on October 28, 2022. Furthermore, users with HUSD held on the exchange will see their balances auto-converted to the stablecoin asset tether and the exchange expects to complete the full conversion by November 4.

Huobi is set to delist the stablecoin HUSD according to an update from the exchange published on Thursday. The trading platform detailed that it is “delisting HUSD in compliance with Article 11 of Huobi Global Token Management Rules.” The termination and delisting period will begin on Friday and amid the delisting period up until November 4, 2022, Huobi’s customers will see their HUSD auto-converted into tether (USDT) at a 1:1 ratio. The move follows Tron founder Justin Sun’s backing of Huobi and telling Bloomberg he’s “one of the biggest holders” of Huobi tokens worldwide.

HUSD is a stablecoin first introduced in a blog post published by Huobi Global on October 19, 2018, and it was originally built on top of Ethereum. The ERC20 token is backed 1:1 with the U.S. dollar and 187,817,004 are circulating in the wild today. In addition to Ethereum, HUSD is also compatible with other token standards like HECO, TRC20, and CRC20. Between all the chains the HUSD web portal says that it has a market valuation of around $223 million, while coingecko stats show $187 million.

While Huobi introduced HUSD, the stablecoin asset is issued and managed by the Hong Kong-based firm Stable Universal. After the announcement on Thursday, the stablecoin HUSD depegged from the token’s $1 parity down to $0.9549 per unit at 7:09 p.m. (ET). Thursday evening’s depegging event was not HUSD’s first rodeo derailing off of the $1 parity range. On August 18, HUSD slipped below the USD peg to $0.82 per token and on October 11, the coin dropped to $0.90 per unit.

The HUSD delisting and auto-conversions to USDT follow Binance’s move to auto-convert three different stablecoins into BUSD. Wazirx also opted to auto-convert its customers’ stablecoin assets into BUSD. Moreover, the top two stablecoins by market valuation — USDT and USDC — have seen their coins in circulation drop by tens of billions. On Friday morning at around 5:23 a.m. (ET), HUSD slid off the $1 peg again, dropping to a low of $0.899 per unit.

​​Bitcoin, Ethereum Technical Analysis: ETH Above $1,600 as Markets Begin to Anticipate Fed Rate Decision

Ethereum was trading above $1,600 on Monday, as markets prepared for the latest U.S. Federal Reserve policy meeting. The Fed is expected to hike rates by 75 basis points this week, as inflation remains at historical highs. Bitcoin also rebounded, hovering marginally below $21,000 in today’s session.

Bitcoin (BTC) remained closer to $21,000 on Monday, as markets rebounded from yesterday’s sell-off.

Following Sunday’s low of $20,461.72, BTC/USD surged to an intraday peak of $20,791.67 earlier today.

The move sees the token edge closer to Saturday’s high of $21,080, which was the strongest point the token had hit since September 13.

Looking at the chart, Monday’s surge sent BTC close to its long-term price resistance of $20,800, which hasn’t truly been broken since early September.

Price strength has also rebounded, with the 14-day relative strength index (RSI) now tracking at 61.47, which is close to its own ceiling of 63.00.

In order for BTC to move past $21,000, bullish pressure will first need to overcome this current threshold on the RSI.

Ethereum (ETH) was also in the green to start the week, as the token continued to trade above $1,600.

ETH/USD moved to a high of $1,623.68 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,567.57.

Today’s rise in prices comes as the world’s second largest cryptocurrency climbed above its ceiling of $1,585.

As can be seen from the chart, the upward crossover of the 10-day (red), and 25-day (blue) moving averages seems to be reaching a summit, which could be a sign of slowing momentum.

The RSI is also in overbought territory, which means bears could be already positioning themselves for reentry.

Wednesday’s United States Federal Open Market Committee (FOMC) meeting could likely be the trigger which either extends current momentum, or shifts its direction.