Bitcoin Price and Ethereum Prediction: BTC & ETH Catch Their Breath After 5% Leap – Buckle Up, What’s Around the Corner?
Bitcoin and Ethereum prices just saw a notable 5% increase, stopping briefly as they get ready for their next move in the world of cryptocurrencies. Anxiety about the future of these top digital assets grows as investors and market enthusiasts closely monitor the situation. Will they maintain their rising trend or could there be a correction?
Let’s investigate the variables affecting the price of ETH and BTC as well as potential future developments.
BTC/USD is currently trading at $3068, up 2.5% in the last 24 hours. The most expensive cryptocurrency topped $30,000 for the first time in ten months as investors increased their bets that the US Federal Reserve will soon change its aggressive stance.
Uncertainty Over Fed Rate Hike Decision
A strong job market in the US helped drop the unemployment rate to 3.5%, according to the official jobs data from the prior week that was announced on Good Friday. When Federal Reserve officials meet again in May, this clearly implies that additional interest rate increases may be probable. This figure, however, stands in stark contrast to prior, less reliable data that indicated that in February, US job ads fell to their lowest level in more than two years.
This focuses on the inflation data from Wednesday and the Fed’s minutes from its March meeting.
Recent turmoil in the banking sector and the US economy’s slowdown have raised expectations that the central bank will soon end its aggressive monetary tightening programme.
Markets are waiting for the CPI statistics to see what the Fed will do next as a result. The next probable factor for a rise in the BTC/USD price might be if the data shows declining inflation.
According to the CME FedWatch Tool, the market’s forecast that the Fed would increase rates by 25 basis points at its meeting in May has decreased to 66.5%, while the expectation of no change has increased to 33.5%.
Also, the US dollar has fallen as a result of the ambiguity surrounding the Fed’s rate-hiking cycle. The Dollar Index (DXY) was down 0.13%, trading at 102.08.
BTC/USD has increased due to a stronger currency and market confidence that the Fed may scale back its hawkish interest rate increases if the US economy continues to slow down.
Argentina Embraces Bitcoin Adoption
Investors can access the price of Bitcoin through futures contracts without having to hold the underlying commodity.
The project is a component of the CNV’s innovative strategy goal, which aims to address the challenges emerging technologies encounter in providing financial commodities.
CleanSpark Boosts Its Bitcoin Mining Capacity
American bitcoin miner CleanSpark stated on Tuesday, April 11, that it has paid $144.9 million for 45,000 brand-new Antminer S19 XP mining equipment. By the end of September, according to the corporation, all units will be prepared for delivery. The company’s current 6.7 exahashes per second (EH/s) of processing power will rise by 95% with the new fleet to 6.3 EH/s.
According to the news announcement, the business mines bitcoins using low-carbon energy sources. Additionally, it uses a balanced approach to capital management by selling some of the bitcoins it mines and reinvesting the proceeds in company growth.
According to CleanSpark’s CEO Zach Bradford, the company’s emphasis on operational effectiveness, technological know-how, and treasury management strategy will be essential in securing its position among the top bitcoin mining companies in America as the Bitcoin halving event draws near.
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