Bitcoin Price and Ethereum Prediction; US CPI Figures in the Limelight
Bitcoin, the world's largest and most popular digital currency, extended its winning streak to nine days and reached an intraday high of around $18,224. Meanwhile, Ethereum, the second most valuable cryptocurrency, benefited from Bitcoin's rise, rising nearly 5% to $1,401.
Simply put, the world's two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have continued to rise this month, adding more than 10% and 17%, respectively, around the $18,000 and $1,400 levels.
The reason for the continuous upward trend in all digital assets, however, was the expectation that inflation would cool and that the Federal Reserve would gradually raise interest rates as it neared the end of its aggressive monetary policy tightening campaign.
Aside from that, several encouraging developments in the cryptocurrency market are taking place, such as Dubai issuing federal regulations and FTX recovering customer funds, which are seen as major factors that have been supporting the world's two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Furthermore, El Salvador, a Central American country, recently approved legislation allowing it to sell Bitcoin-backed bonds. This news has also contributed significantly to the rise in Bitcoin prices.
In contrast, the majority of the 13 bitcoin mining stocks fell on Wednesday, with only six rising. As a result, this news was received negatively, despite the fact that it has not yet affected the price of bitcoin.
Inflation in the United States is expected to have decreased for the sixth consecutive month, to 6.5% in December 2022 (from 7.1% in November), the lowest level since October 2021. After increasing for four months in a row, and after increasing by 0.1% in November, the CPI
Read more on cryptonews.com
