Bitcoin Price and Ethereum Prediction: Can FOMC Meeting Minutes Boost The Cryptocurrency Market?

cryptonews.com:

Bitcoin, the world's largest cryptocurrency, has failed to maintain its upward momentum and has fallen below $24,000 in the last 24 hours, dropping from its peak of $25,100 due to a significant reversal in the cryptocurrency market. Following Bitcoin's lead, Ethereum has also seen a gradual decline in the past 24 hours. 

As the cryptocurrency market continues to experience volatility, all eyes are on the Federal Open Market Committee (FOMC) meeting minutes scheduled to be released today. The outcome of this event is expected to have a significant impact on the market, particularly on Bitcoin and Ethereum prices. 

The downward trend in the cryptocurrency market can be mainly attributed to the upcoming release of preliminary GDP data and PCE figures from the United States, which are expected to increase market volatility.

In addition, the upcoming release of the Federal Reserve's February meeting minutes is viewed as another factor causing investors to hesitate and contributing to Bitcoin's losses. The central bank is expected to deliver a hawkish stance in the Fed minutes, which is keeping cryptocurrency gains in check. 

Moreover, the previously released higher-than-expected US PMI has given the Fed additional economic headroom to hike interest rates, adding to the cautious sentiment in the crypto market.

Despite the emergence of several positive regulations for the cryptocurrency market, the global cryptocurrency market has failed to sustain its upward trend and has turned negative for the day. This is likely due to cautious investor sentiment ahead of the Federal Reserve's February meeting minutes, as investors await more clarity on US interest rates and the path of monetary policy. 

In addition, the upcoming release of the