Bitcoin Price and Ethereum Prediction – BTC to Hit $21,000 Post-FOMC?
On November 3, the Bitcoin price fell sharply following the Fed's interest rate hike decision, but the losses were short-lived as BTC reclaimed pre-FOMC trading levels. The Fed was widely expected to raise interest rates by 75 basis points, and the majority of that was already factored in, limiting the crypto market's losses.
Likewise, Ethereum has dropped more than 2% in the last 24 hours to trade at $1,547 as the Fed raises interest rates. The global crypto market cap fell less than 1% to $1.01 trillion the previous day, sending major cryptocurrencies into the red early on November 3. On the other hand, the total crypto market volume increased by 37% in the last 24 hours to $102 billion.
The total volume in DeFi was $4.34 billion, accounting for 4.25% of the total 24-hour volume in the crypto market. The total volume of stablecoins was $92.91 billion, accounting for 90% of the total 24-hour volume of the crypto market.
For the time being, the market will be anticipating the release of US nonfarm payroll figures on November 4.
Arweave (AR), Flow (FLOW), and The Graph (GRT) were the top performers in the last 24 hours. AR's price has increased by more than 65% to $16.85, while FLOW's price is up by nearly 14% to $1.89. At the same time, GRT has gained less than 2% to trade at $0.091.
Chain (XCN) has dropped more than 10% to $0.055 in the last 24 hours. Dogecoin (DOGE) is down over 4% to around $0.1324, and Aptos (APT) is down about 4% to $7.50.
On Wednesday, the Federal Reserve tightened monetary policy by the most in 40 years, increasing interest rates by another 75 percentage points. The Fed explained that future increases in borrowing costs are necessary for its fight against inflation.
The two-sided message gave
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