14.02.202217:28 Forex Analysis & Reviews: Bitcoin and Ethereum are still teetering on the edge, but fundamental news is the fuel for growth

Bitcoin and Ethereum are still very far from their historical highs. At the moment, there are no very significant fundamental or technical indicators that can indicate that Bitcoin will begin its bullish rally. Bitcoin and Ethereum are still 35% below their historical highs, which could be observed in November last year.

Although back in January, Bitcoin and Ethereum were at historically record lows. Bitcoin is trading very sluggishly, although there is no panic in the market. The fear and greed index is 46, which is a very good indicator.

There is neutrality and a wait-and-see mode in the market. Bitcoin has become a little cheaper and today it is trading at $ 42,612. Digital gold, however, has good prospects, as it managed to break through the $ 40,000 milestone and gain a foothold at this mark.

Rumors that the government and the Central Bank of Russia will start accepting cryptocurrencies at the legal level as a legal means of payment have contributed to the growth of cryptocurrencies, as well as strengthened institutional relations concerning the main cryptocurrencies.

Ethereum has also become a little cheaper today and has fallen below the $ 3,000 milestone. Today, it is trading for 2950. Many altcoins, such as Polygon, Polkadot, and others, have lost more than 6 percent in price.

Memcoins are also falling and are below their usual indicators. Rumors that Bitcoin will be accepted as a legal means of payment on the territory of the Russian Federation, as well as fundamental news from India that Bitcoin will exist at a legal level with taxation, allow the main cryptocurrency to balance on the edge and be in a wait-and-see mode.