Bitcoin Prices and Ethereum Prediction: Is ETH's 6% Drop A Buy Opportunity?
Bitcoin and Ethereum both failed to sustain the momentum they had gained and dipped past the $23,000 and $1,600 marks, respectively. This affected the overall cryptocurrency market value, as it decreased by 3.52% to reach a total of $1 trillion.
Since the beginning of 2023, the cryptocurrency markets have grown, with Bitcoin values increasing by more than 40% in recent days. However, Bitcoin's rise appears to be fading as it has begun to fall below $23,000.
However, their recent downward trend could be attributed to reports indicating a surge in cryptocurrency scams last year, resulting in approximately $1 million stolen in the communities of Swift Current and Maidstone alone.
Moving on, traders appear hesitant to place any strong bids ahead of this week's economic growth data from the United States. The market is now focused on fourth-quarter US GDP figures due on Thursday, which could set the tone for the Federal Reserve's policy meeting on January 31-February 1.
The Fed is expected to raise interest rates by 25 basis points (bps) during its policy meeting the following week, according to the majority of investors.
If there are signs that the US economy is slowing and that the Fed will soon pause its tightening cycle and lower interest rates, the value of cryptocurrencies may rise.
According to the Saskatchewan RCMP, the Swift Current and Maidstone areas lost nearly $1 million due to an increase in cryptocurrency fraud last year. The RCMP in Swift Current received reports from 105 citizens that they had been the victims of fraudulent phone calls, several of which involved bitcoin.
According to sources, the scams cost the victims in the region a total of $360,000. Victims lost a total of $570,000 in 37 allegations of
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