The cryptocurrency is preparing for a $250 billion earthquake of Bitcoin and Ethereum price

BTC, Ethereum, and other major cryptocurrencies soared in the first month of 2023, adding $250 billion to the combined cryptocurrency market and surprisingly topping Goldman Sachs’ chart.

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Bitcoin price has risen to around $23,000 per bitcoin, up from under $17,000 at the start of the year. Ethereum (ETH) and other top 10 cryptocurrencies saw similar gains – although some of the smaller altcoins rose even more.

Now, the $1 trillion cryptocurrency market is poised to make a decision on the latest federal interest rate tomorrow, which is expected to see the Fed raise its funds rate to a new target range of 4.5% to 4.75% — the smallest rise since it began raising rates. interest in March. last year.

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Sophie Lund Yates, chief equity analyst at Hargreaves Lansdowne, said in emailed comments that markets are “contracting under pressure from the next Fed rate hike.”

Bitcoin’s price has fallen again from the six-month high it reached late last week, which is reflected in Ethereum and other major cryptocurrencies.

“Policy makers are pretty much expected to raise rates by 25 basis points, and that’s what the market has set,” said Lund Yates. “As the decision approaches, there is an inevitability that some small tremors creep in, but it shouldn’t be protracted.”

Growing expectations that the Federal Reserve may pivot from its policy of rapid rate hikes sent cryptocurrency prices and the stock market higher during January after economic data showed that sharp inflation was beginning to subside. The Fed’s series of interest hikes last year is designed to lower inflation by sucking liquidity out of the system.

“The market may have gotten ahead of itself with the Fed’s desire,” Noman Sheikh, head of treasury at crypto-asset manager Wave Financial, said in an emailed note.

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After tomorrow’s interest rate decision at 1pm ET, Federal Reserve Chair Jerome Powell will hold a press conference in which he is expected to reiterate his hawkish stance.

“The Fed has already laid out a ‘higher for longer’ roadmap under which interest rate increases will move from a rapid pace to a more measured pace and then remain flat on the interest rate for some time,” Sheikh said.

“The market, which is now recession-focused, doesn’t believe the Fed and is pricing in a rate cut starting in September. There is a strong possibility that Powell at the press conference will be more hawkish and re-tighten financial conditions. Cause, we could see a healthy short-term correction in Cryptocurrencies and all risky assets.”

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