Bitcoin Price and Ethereum Prediction; FOMC Meeting Minutes Under the Spotlight Today
During the Asian session, the overall cryptocurrency market is showing a strong pullback, with Bitcoin crossing above a major resistance level of $16,750. Likewise, Ethereum, the second-leading cryptocurrency has shown a massive spike of 3% to $1,250.
Major cryptocurrencies were trading in the bullish early on January 4, despite the fact that the global crypto market value increased 0.54% to $809.35 billion on the previous day. The overall crypto market volume over the previous 24 hours has increased by 12.75% to $26.64 billion.
DeFi's total volume is present at $1.92 billion, accounting for 7.20% of the overall crypto market 24-hour volume. The overall volume of all stable currencies is currently $24.85 billion, accounting for 93.30% of the entire 24-hour volume of the crypto market.
The Federal Reserve is expected to provide further explanation for why it anticipates high inflation to persist as the US economy enters 2023. Fed officials revised their inflation forecasts for the end of 2023 and released them after their Dec. 13-14 meeting. As a result, the idea that interest rates would need to increase over 5% in 2023 received fairly widespread support in the estimates.
On Wednesday, the Federal Reserve will release the meeting minutes and the median estimate from the official forecast for the final quarter of 2023 was 3.1%, up from the 2.8% predicted in the previous quarterly forecast, which was given in September.
Wall Street has become more optimistic in recent months as price pressures have begun to subside, in contrast to the Fed's most recent assessment. At the press conference following the FOMC meeting, Chair Jerome Powell attributed the central bank's inflation pessimism, in particular to rising costs
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