In the world of cryptocurrencies, Bitcoin and Ethereum have recently experienced a remarkable 5% increase in their prices, pausing momentarily as they prepare for their next move. As investors and market enthusiasts closely monitor the situation, anticipation builds around the future for these leading digital assets. Will they continue their upward trajectory or face a potential correction?
Let’s explore the factors affecting BTC and ETH prices and what could happen.
BTC/USD is trading at 30,268 with a gain of 2.50% in 24 hours. The most valuable cryptocurrency reached $30,000 for the first time in ten months as investors placed their bets that the US Federal Reserve will soon end its accommodative policy.
Uncertainty over Fed rate hike decision
In the US, last week’s official jobs report released on Good Friday revealed a strong job market that helped reduce unemployment rate up to 3.5%. This strongly suggests that a further hike in interest rates is possible when Federal Reserve officials meet again in May. However, the report contrasts with earlier weaker data that showed US job postings fell to their lowest level in two years in February.
It focused on Wednesday’s inflation data and the minutes of the Fed’s March meeting.
Recent banking industry unrest and a slowing US economy have fueled hopes that the central bank will soon halt its aggressive monetary tightening campaign.
As a result, the markets are waiting cpi data To determine the Fed’s next move. If the data indicates a reduction in inflation, this could be the next potential driver for BTC/USD price to rise.
Meanwhile, market predictions that the Fed will cut rates by 25 basis points to 66.5% at its May meeting rose to 33.5%, according to the CME Fedwatch tool.
Furthermore, uncertainty over the direction of the Fed’s rate-hike cycle weighed on the US dollar. The Dollar Index (DXY) was trading at 102.08, down 0.13%.
A weaker dollar and optimism that the Fed may hold off on its aggressive interest rate hikes if the US economy cools further have improved market sentiment and boosted BTC/USD.
Argentina Embraces Bitcoin Adoption
On Tuesday, April 11, Argentina’s financial regulator, the Commission of National Values (CNV), allowed the regulation of bitcoin index futures contracts on the Mataba Rofex exchange.
Futures contracts give investors access to the price of bitcoin without the need to hold the underlying asset.
The initiative is a part of CNV’s innovative strategy target, which seeks to respond to the difficulties faced by new technologies in the delivery of financial goods.
CleanSpark Increases Its Bitcoin Mining Capacity
On Tuesday, April 11, US bitcoin miner CleanSpark announced the purchase of 45,000 new Antminer S19 XP mining rigs for $144.9 million. The company said that all units will be ready for delivery by the end of September. The new fleet will add 6.3 accesses per second (EH/s) processing power, a 95% increase over the company’s current 6.7 EH/s.
The press release claims that the company uses low-carbon energy sources for bitcoin mining. Furthermore, it adopts a balanced capital management strategy by selling a portion of the bitcoin mined to reinvest the profits in business expansion.
According to Zach Bradford, CEO of CleanSpark, as the bitcoin halving event approaches, the company’s focus on operational efficiency, technical expertise and treasury management strategy will be critical to securing its position among the top bitcoin mining firms in the US. .
bitcoin price
From a technical perspective, bitcoin is facing an important resistance near $30,580. If the candle breaks below this level, it could trigger a downside move towards $29,500, and the increased selling pressure could send bitcoin price towards the $28,950 level.
Bitcoin has formed a bearish engulfing candle, which usually indicates that the upward movement is losing strength and is uncovering a bullish bias.
ethereum price
Ethereum price started a downside correction from the $1,940 area against the US Dollar. In the near term, ETH could retest the important $1,840 support.
Ethereum price tried to hold additional gains above the $1,925 and $1,940 resistance levels. However, like bitcoin, ETH struggled to consolidate its position above the $1,925 resistance area.
A successful close above the $1,925 level, followed by a move above $1,940, could push the price towards the $2,000 resistance. An important subsequent resistance could lie near the $2,120 level. Any further gains could pave the way for a test of the $2,200 resistance.
The next major support is near the $1,840 area, below which Ether price could decline towards the $1,825 level. If the price breaks below $1,825, it could extend the decline towards $1,780.
Top 15 Cryptocurrencies to Watch in 2023
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