Bitcoin Price and Ethereum Prediction; BTC & ETH Rise 4% After Fed Rate Hike: More Upside?
Bitcoin and Ethereum prices have been on the rise recently, with BTC and ETH both rising 4% following the Federal Reserve's rate hike. With more investors turning to cryptocurrencies as a safe haven asset, it is likely that the prices of Bitcoin and Ethereum will continue to increase in the near future.
This article will provide an overview of the current market conditions and discuss whether or not there is more upside for BTC & ETH prices in light of recent events.
Bitcoin, the world's largest cryptocurrency, skyrocketed after the Federal Reserve raised interest rates by 25 basis points. Bitcoin has gained popularity due to various developments in the cryptocurrency sector, such as an increase in institutional investors and advancements in crypto legislation.
Early Thursday morning, Ethereum (ETH) surpassed the $1,600 mark which has generated optimism among the investment community. This positive sentiment is bolstered by Jerome Powell's recent comments concerning US inflation dropping.
The global cryptocurrency market surged after the Federal Reserve announced an expected rate hike of 25 basis points, creating a favorable environment for the crypto sector. On Wednesday, the Federal Reserve raised interest rates by 0.25%, signaling the need to further tighten monetary policy. As part of its ongoing fight against inflation, the Fed promised "continuous hikes" in borrowing costs.
Hence, the most recent Federal Reserve decision was seen as one of the good things that boosted the cryptocurrency market and aided Bitcoin's rise. Meanwhile, the rising number of institutional investors has made a big contribution to the market's support for cryptocurrencies.
Across the ocean, the progress in the legislation surrounding
Read more on cryptonews.com
