‘All bets are off’ – Looming $31.4tn earthquake in cryptocurrency prices could be about to hit Bitcoin and Ethereum

Bitcoin BTC, Ethereum and other major cryptocurrencies exploded in 2023 – skyrocketing despite Ethereum founder Vitalik Buterin issuing a bullish warning.

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The bitcoin price has surpassed $30,000 per bitcoin in the past month, which has led to some amazing bitcoin price predictions, while a long-awaited upgrade has helped push the price of ethereum higher.

Now, bitcoin, ethereum and cryptocurrency traders are eyeing the Fed’s upcoming interest rate decision and the looming $31.4 trillion US debt ceiling crisis that could lead to the US running out of cash as soon as June 1, according to Treasury Secretary Janet Yellen. .

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MORE FORBES Crypto Price Warning: China, Biden, and the Fed May Be About to ‘Destroy All Bitcoin Value’ By Billy Bambro

The price of Bitcoin has been surging higher over the past few months, which has helped push the price of Ethereum higher… [+] and raise the prices of smaller cryptocurrencies.

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The bitcoin price could add $20,000, pushing it to about $50,000 per bitcoin, in the event of a US default, Jeff Kendrick, head of foreign exchange research at Standard Chartered, told Insider as “low and high probability the impact occurred.” It could see a sharp swing in the price of bitcoin and “it’s likely to go down a bit on the first day, the second day or the week.”

“Probably the optimal trade would be long Bitcoin, short Ethereum,” Kendrick said. “This kind of combination is probably a good expression of this.”

US Treasury Secretary Janet Yellen wrote to congressional leaders this week, warning that the US risks running out of money as soon as June 1 – something that would roil global markets and send shockwaves through the economy.

“After reviewing recent federal tax receipts, our best estimate is that we will not be able to continue to meet all of the government’s obligations by early June, and possibly as early as June 1, if Congress does not raise or suspend the debt limit before then,” Yellen wrote. .

Meanwhile, the Fed is preparing to raise interest rates by a quarter of a percentage point, the 10th consecutive increase that will see the benchmark interest rate rise from 5% to 5.25%, the highest since 2006.

“Investors are focused on what the Fed does on Wednesday,” Anthony Trenchev, co-founder and managing partner at cryptocurrency bank Nexo, told Barron’s. “If the Fed indicates that it will not raise interest rates, all bets on crypto and other risky assets will be off.”

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More Forbes Cryptocurrency Winter Crisis ‘Finally’ Overbanking Catalysts Massive $2 Trillion Bitcoin Prediction As Ethereum Price Suddenly Crashes Back

Bitcoin price has rebounded this year but it is still well below the peak it reached in 2021,… [+] It is reflected by the price of Ethereum.

Forbes Digital Assets

The historic series of Fed rate hikes over the past year has crashed cryptocurrency prices and stock markets while also adding pressure to the banking industry.

This year, traders have begun to bet that the Fed will soon declare victory in its war on inflation, but Fed Chairman Jerome Powell and other Fed officials have promised to eliminate inflation completely before easing monetary policy.

“Bitcoin’s rally has taken on a new facet in 2023,” said Simon Peters, market analyst at brokerage eToro, in an emailed note.

“Unlike last year where crypto assets posted losses along with economic worries and a general downturn in the investment markets, bitcoin has become a magnet for investors and seems to be amounting to ‘digital gold’ right now. We have a long way to go before even considering a rally Absolutely new, but it shows price flexibility where there was none last year.”

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