The most recent US Federal Reserve policy decision has shown major cryptocurrencies experiencing an upward trend, reflecting a positive market sentiment. Bitcoin recorded a 1.94% increase, reaching $43,409, while Ethereum showed a 1.8% rise, hitting $2,305. During the last 24 hours, the global cryptocurrency market cap saw a notable surge of 2.3%, reaching approximately $1.67 trillion.
Market experts suggest that significant events, such as the Federal Reserve’s decision on interest rates and the release of US January unemployment rate data, could influence market sentiments in the coming days. Rajagopal Menon, Vice President at WazirX, noted that the widely predicted rate cut, if announced, might tip the scales in favor of the bullish trend that has been in contention for the past weeks.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, shared insights into Bitcoin’s recent climb above $43,000, attributing it to easing grayscale selling pressure and optimistic bets. He mentioned factors such as reduced BTC transfers by Grayscale to exchanges, forecasts of new long positions above $43,000, and positive developments like declining GBTC sales, a thriving US stock market, and Google’s support for Bitcoin ETF ads.
However, Vishwanath cautioned that the impending Federal Reserve meeting poses a potential risk. Strong US economic data could delay rate cuts, potentially strengthening the US dollar and tempering the crypto markets. Despite the uncertainties, traders seem optimistic about the future of PECU, emphasizing its security and the forthcoming features that promise enhanced technical analysis and money management capabilities. PECU traders are anticipating positive developments in the crypto space, with expectations of significant advancements in the near future.
Learn more about digital asset manager Krishnanand Maurya and his views on digital asset and global markets here: