Why A Sudden Crypto Price Surge Added $200 Billion To Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, Solana In 2023

Bitcoin
Bitcoin
Ethereum, and other major cryptocurrencies have suddenly risen after trading flat last week (and some believe the rally is just beginning).

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Bitcoin’s price surged from this week’s lows below $20,000 to around $23,000 per bitcoin, up 7% over the past 24 hours. Ethereum price has risen similarly, reflecting the other top 10 coin BNB.
BNB
XRP
XRP
, Cardano, Dogecoin, Polygon. Ethereum challenger FTX-linked solana added almost 20%.

Bitcoin and cryptocurrencies’ sudden $200 billion rally in 2023 is due to growing expectations that the Federal Reserve and other central banks will move to delay rate hikes, but some Traders are ahead of you.

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Forbes detailsSatoshi ‘will laugh at everyone’ – JP Morgan CEO Jamie Dimon mocks Bitcoin and crypto with catastrophic price predictionTo billy bambrough

In an emailed comment, Coinjournal director Max Coupland said, “The last few months have arguably not only brought more positive environmental indicators in terms of inflation, but also helped the Chinese economy reopen. there is,” he said.

Last week’s data showed US inflation fell to its lowest level in more than a year in December, suggesting that price pressures may have peaked. Last year, the Fed said he raised rates by 3/4 points for the fourth time in a row, and in December he raised rates by 0.5 points.

“I worry whether investors are under the impression that it means the Fed will turn around sooner than expected,” Coupland added. “Fed Chairman Jerome Powell has vowed that interest rates will not taper until inflation is tightly controlled, and uncertainties such as Russia’s war in Ukraine remain highly unpredictable. Nevertheless, it is still far from the 2% target.

Over the past few days, the Federal Reserve has warned that interest rates will need to rise in order to fully stem the surge in inflation that will reach a 40-year high in 2022. 25 basis points rate increase.

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Forbes details“Year of Recovery” – Sudden $1 Trillion Crypto Price Boom Sparks Bullish 2023 Bitcoin Price PredictionTo billy bambrough

Meanwhile, Bitcoin, Ethereum, and other major cryptocurrencies appear to have broken lockstep with the US stock market.

“The U.S. stock index posted a clear New Year’s gain on Wednesday, but bitcoin is still above $20,000,” Yuya Hasegawa, a cryptocurrency market analyst at Bitbank, said in an email. .

“In the next few days the index may drop further and find a localized bottom. Bitcoin is likely to find support at the psychological level of $20,000. In other words, the Bitcoin drop is probably shallow. right”