Bitcoin Price and Ethereum Prediction: BTC and ETH Surge Over 6% Ahead of Manufacturing and Services PMI Figures

cryptonews.com:

Bitcoin and Ethereum have seen a surge of over 6% in their respective values ahead of the release of Manufacturing and Services PMI figures. As investors await the results of these economic indicators, both cryptocurrencies have experienced upward momentum in their prices. 

Bitcoin, the world's largest cryptocurrency, has managed to stop its downward rally and drew some fresh bids around above the $28k level, registering a 2.63% gain in the past 24 hours, while Ethereum has also regained the $1,800 mark. 

Other popular altcoins like Dogecoin, Ripple, Solana, and Litecoin have also experienced significant gains on the day.

Although, the BTC lost some of its gains yesterday as the Federal Reserve raised the interest rate, which tends to make investing in Bitcoin less attractive. 

This is because rising interest rates might make the US currency more appealing, encouraging consumers to sell Bitcoin and other cryptocurrencies in favor of the dollar. 

Interestingly, the losses in BTC prices were short-lived and temporary, as renewed interest in digital-asset futures and options prompted a recovery in cryptocurrency values.

There have been reports showing renewed interest in cryptocurrency futures and options, resulting in a rise in digital asset values and an increase in derivative trading volumes. 

As a result, the number of open Bitcoin options contracts has hit an all-time high. This has led to an "incredible surge" in Bitcoin open interest, which some investors interpret as a sign of potential new entrants.

Derivatives trading platform Deribit has observed a rise in interest, which is partly attributed to instability in traditional financial institutions. This renewed interest in the digital asset market has led to the largest