Analysts Predict the Future of Major Cryptocurrencies, Mentions the Role of the Feds, FOMC
Crypto industry analysts have today, 1st of February, 2023, predicted a positive trend in prices of major cryptocurrencies like ETH and BTC. Analysts believe that even with the current $1,500 (ETH) and $23,000 (BTC) price marks, a continued price surge is likely.
Besides, the recent increase has contributed immensely to the rise in the crypto market capitalization, which is said to have increased to $1.05 trillion, considering its 0.91% increase in the past 24 hours.
In an article by B. for the Crypto News platform, the Fed Reserve may likely take action due to several positive moves by the BTC. Some analysts have tagged the Feds’ position as “dovish,” the implication of this stance was the DekaBank – Metaco agreement.
This latest agreement will see the company’s (DekaBank) digital/assets to deserving institutions. This move, they said, will positively affect the market, especially now that the Feds are working on increasing the rate.
In other news, a recent report has shown that the USD got weaker at the beginning of the month. This is attributed to the decreased wage pressure. This development has gone further to stabilize the investor’s hope, which is also motivated by some of the new policies by the Federal Reserve, with little help from the FOMC.
Impact of Feds and EU Central Bank’s Interest Rates on Cryptocurrency Markets
It was also reported that the Feds would likely affect Wednesday’s 0.25% interest rate. On the other hand, cryptocurrency traders are advised to pay more attention to Feds Chairman Jerome Powell’s press conference to gain insight into their latest policy activities.
Experts have also predicted that most crypto investors will have their eyes fixed on the EU Central Bank’s position on the proposed interest rate increase. Also, it has been rumored that the EU Central Bank may respond by increasing its interest rate by 0.5% by Thursday. This move will ensure that investors are not left out of the recent economic trend.
It is also believed that the continuous decrease of the USD is the major contributor to the rise in the price of cryptocurrencies. Traders are encouraged to maintain a disciplined trading pattern, even when the bullish trend continues.
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