Bitcoin and Ethereum Price Prediction: BTC & ETH Are On The Rise, Where Will They Go Next?

cryptonews.com:

Bitcoin has been recovering strength and is now trading above the $23,000 mark, after the announcement on Tuesday by US Federal Reserve Chair Jerome Powell that inflation is beginning to decrease. On the other side, Ethereum has recently been able to maintain stability at the $1,650 mark. 

Furthermore, the news that Digital Currency Group and Genesis have reached a preliminary deal with their key creditors has been regarded as another important element that has strengthened the market confidence and contributed to bitcoin's rise.

However, the market reacted positively to the news and reached a market worth of $1.09 trillion. While Ethereum is up a startling 3 percent and trading at $1,680, Bitcoin is up 1.72 percent and has surpassed the $23,000 barrier.

The crypto market is flashing green, and expressing confidence, as the US Fed chairman has signaled that the fight against inflation might be over and the disinflationary process has begun. 

The market reacted quickly to the favorable news, reaching a market worth of $1.09 trillion. US Federal Reserve Chair Jerome Powell reiterated his anti-inflation position yesterday. This mindset has benefited the cryptocurrency market, especially the price of Bitcoin. 

As a result, the BTC price soared dramatically, hitting $23,300 levels.

Furthermore, the news that Digital Currency Group and Genesis have reached a preliminary arrangement with a group of their key creditors has also played a huge role in underpinning the crypto market confidence. Notably, the agreement involves the sale of Genesis' insolvent firms, as well as the refinancing of existing loans.

The US dollar fell on Wednesday as Federal Reserve Chair Jerome Powell gave no hint of a hawkish pushback against the country's