LMAX Digital volume got off to a slow start to the week. Total notional volume for Monday came in at $689 million, 9% below 30-day average volume.

Bitcoin volume printed $434 million on Monday, holding steady with 30-day average volume. Ether volume came in at $195 million, 23% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,634 and average position size for ether at 5,893.

Volatility has been trending lower in 2022. We’re now looking at average daily ranges in bitcoin and ether of $2,261 and $169 respectively.

Last week, the executive order out of the White House was a lot warmer to cryptocurrencies than many were expecting.

This week, we got another welcome surprise, this after EU parliament rejected a proposal that would have limited proof of work currencies – namely bitcoin.

We are seeing evidence of a strong lobby for crypto assets over the past 12-24 months and indeed, this lobby is proving effective around the globe.

The European parliament’s economic and monetary affairs committee voted 30-23 to leave the provision against proof of work out of the draft document.

As far as price action goes, none of these developments have had any major impact on direction. Ultimately, we haven’t really been going anywhere at all, with both bitcoin and ether confined to some very tight consolidation.

As per our technical insight, we will need to see bitcoin back above the February high to shift the focus back to the topside.

For now, the focus turns to tomorrow’s highly anticipated Fed decision. The market will be wanting to know just how hawkish the central bank will be and just how much higher rates will go.

If the Fed comes in more hawkish, it could have a weighing impact on crypto, with the move opening stronger demand for the US Dollar.