Bitcoin Price and Ethereum Prediction: BTC Rebounds Above $29,250, Will ETH Follow Suit?
Bitcoin, the leading cryptocurrency globally, experienced a reversal on Tuesday as it fell slightly from $30,500 to $29,300. Despite a gain of over 10% in the past week, Bitcoin's upward momentum seems to have come to an end. Moving forward, the traders are cautious to pace any big bids as investors await the release of the Fed's next meeting in May.
According to the CME FedWatch tool, markets are pricing in a 91% probability of the Fed raising interest rates by 25 basis points at its next meeting in May, with traders anticipating rate cuts towards the end of the year.
As a result, the announcement of the Fed meeting will likely have a major influence on the cryptocurrency market, as it is seen as a leading indicator.
The global cryptocurrency market has experienced remarkable growth in recent months, surpassing an impressive value of $1.29 trillion. Although, the market witnessed a slight decline lately, with its value falling to $1.25 trillion.
However, the recent dip can be attributed to the release of strong economic data in the United States, which strengthened the belief that the Federal Reserve might increase interest rates in May.
According to data made public on Monday in the United States, single-family homebuilders' confidence climbed for a fourth straight month in April, while industrial activity in New York state increased for the first time in five months. This, in turn, fueled speculation that the Federal Reserve will raise interest rates in May.
According to the CME FedWatch tool, markets are pricing in a 91% likelihood of the Fed raising interest rates by 25 basis points at its next meeting in May, with traders anticipating interest rate cuts towards the end of the year.
The recent BTC price rally is
Read more on cryptonews.com
