Bitcoin Price and Ethereum Prediction: BTC and ETH Soar Over 10% - Is There a Limit to Their Ascent?
The price of Bitcoin and Ethereum has risen, with both cryptocurrencies soaring by over 10%. As investors and traders closely monitor these developments, many questions whether their ascent is limited. Will this bullish trend continue, or are we approaching a potential peak?
Let's find out.
BTC/USD is currently trading at 30,759, reflecting a 10% increase over the past seven hours. The rise in the price of the most popular cryptocurrency can be attributed to several factors, including improving market sentiment and positive PPI data that supports Bitcoin.
According to a report issued on Thursday, the seasonally-adjusted Producer Price Index (PPI) fell 0.5% in March. The headline PPI came in at 2.7% year-on-year, which was lower than market predictions of 3%.
The US PPI statistics indicate that inflation declined quicker than anticipated, likely due to reduced volatility. As a result, the unexpected drop put significant pressure on the US Dollar, causing the DXY to fall to yearly lows of 100.83.
This news is positive regarding inflationary possibilities, as the Fed is likely to halt raising rates following its meeting in May. This development is good news for risk assets and reflects an improvement in market sentiment.
The release of the minutes on Wednesday also revealed that several Fed members had discussed holding off on hiking interest rates as they monitored the state of the banking industry.
Additionally, the Fed warned of a possible mild recession in the US later this year. As a result, the bank will find it challenging to raise rates amid recession fears. The cryptocurrency market responded well to this news, and BTC/USD increased as a result.
Bitcoin Policy UK (BPUK), a collaboration of entrepreneurs,
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