Bitcoin Prices and Ethereum Prediction; Is The BTC Price Above $22,700 Enough To Trigger A Bull Run?
On Tuesday morning, Bitcoin (BTC) dropped below the $23,000 mark in advance of the first US Federal Reserve meeting on interest rates since 2023, which is slated to take place on Wednesday.
Bitcoin dropped to $22,800, down 3% from its peak of $24,000 over the weekend. Ethereum (ETH) has also declined by 4.34 percent in the past 24 hours and is now traded at $1,568.30.
The reason for its bearish rally, on the other hand, could be attributed to the poor crypto market sentiment, which has suffered some losses and has been unable to maintain its positive attitude.
Moving on, the upcoming Federal Reserve internet rate hike and earnings from major tech companies will have a significant impact on the crypto market. In the coming days, the market will be closely watching the earnings of major technology companies.
Investors are concerned because the US Federal Reserve meeting is expected to discuss another rate hike. The consequences are visible in the cryptocurrency market, where Ethereum has dropped more than 4% and Bitcoin has dropped more than 3% in the last day.
Bitcoin (BTC) is beginning to show signs of a modest bull run, indicating that its efforts are bearing fruit. Mining incentives and transaction fees increased the mining community's income by nearly 50% in the first month of 2023. This was thought to be one of the most important factors that could help BTC limit its losses.
On December 28, 2022, bitcoin mining revenue reached $13.6 million for the first time since October 2020. As a result, mining companies faced severe financial strain, leading to the closure of some of them. Energy prices were also rising as a result of geopolitical unrest.
According to the graph below, revenue in the cryptocurrency mining industry
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