Crypto Prepares For $250 Billion Bitcoin And Ethereum Price Earthquake

Bitcoin
Bitcoin
Ethereum, and other major cryptocurrencies surge in the first month of 2023, adding $250 billion to the combined crypto market and topping the stunning Goldman Sachs charts.

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Bitcoin’s price surged from under $17,000 at the beginning of the year to around $23,000 per bitcoin.ethereum
ethereum
Other top 10 cryptocurrencies have made similar gains, but some of the smaller coins have gone even higher.

The $1 trillion cryptocurrency market is now primed for the Federal Reserve’s latest interest rate decision tomorrow, with the Fed expected to raise interest rates to a new target range of 4.5% to 4.75%. It has been. last year.

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Forbes detailsFederal Reserve Offers Devastating ‘Surprise’ Bitcoin And Crypto Blow After Huge Price SurgeTo billy bambrough

Sophie Rand-Yates, chief equity analyst at Hargreaves Lansdowne, said in an emailed statement that the market is “yielding to the pressure of the Federal Reserve’s upcoming rate hikes.” rice field.

Bitcoin’s price has fallen from six-month highs reached over the weekend, echoed by Ethereum and other major cryptocurrencies.

“Policy makers are expecting a 25 basis point hike in interest rates and the market is pricing that in,” Lund-Yates said. “There will inevitably be a small tremor creeping in as the decision draws near, but it shouldn’t linger.”

Rising hopes that the Federal Reserve (Fed) may turn away from its policy of rapid interest rate hikes continued until January, after economic data showed ferocious inflation had begun to cool. It helped the stock market rise. His series of Fed rate hikes last year were meant to siphon liquidity out of the system and keep inflation in check.

“The market may have gone ahead in favor of the Fed,” said Naumann Shaik, head of financial management at crypto asset manager Wave Financial, in an email.

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Following the interest rate decision tomorrow at 1pm ET, Federal Reserve Chairman Jerome Powell will hold a news conference to reiterate his hawkish stance.

“The Fed has already put forward a ‘long term high’ roadmap of moving from a fast pace to a more cautious pace of rate hikes and then locking in the final rate for some time,” Sheikh said. Stated.

“Markets currently focused on recession do not believe the Fed and are pricing in rate cuts from September. Chairman Powell may become more hawkish at press conference and re-tighten financial conditions. The reason for that is that we are seeing a healthy short-term correction in cryptocurrencies and all risky assets.”