Bitcoin and Ethereum Price Prediction: UoM Consumer Sentiment on the Docket
Bitcoin (BTC), the world's largest and most popular digital cryptocurrency, maintained its upward rally and has increased by 4% in the last 24 hours and by more than 12% in the last seven days.
BTC reached a two-month high of more than $18,200, as the crypto market's ongoing growth received a significant boost after US Consumer Price Index (CPI) data showed signs of decreasing inflation.
As a result, Ethereum, the second largest cryptocurrency, has risen to $1,413 and other coins such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) are also showing signs of life.
The negative effects of the FTX crash and its aftereffects on Bitcoin and other digital currencies, on the other hand, appear to be fading. This occurred after bitcoin's price reached a two-month high of around $18,200.
Surprisingly, the value of Bitcoin has increased by 10% in the last two weeks. According to experts, this is Bitcoin's longest run of gains. Moving on, if macroeconomic conditions remain favorable, the price rally is likely to continue in the coming weeks.
Furthermore, the climate tech investor has demonstrated another positive aspect of the Bitcoin (BTC) network, implying that BTC's environmental positives outnumber its negatives by a remarkable 31:1 ratio, which may also explain the overall BTC's growing trend.
In the meantime, Samsung Asset Management revealed plans to launch a spot Bitcoin ETF on the city's exchange.
Given that the Hong Kong Stock Exchange is Asia's only licensed exchange offering Bitcoin futures ETFs, some believe spot crypto ETF products will be permitted soon. As a result, so far, this news has had little impact on Bitcoin prices.
The preliminary consumer confidence index for the United States was raised higher to 59.7
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