Bitcoin and Ethereum Prices Gains in Anticipation of 50 Bps Rate Increase By US Fed


Bitcoin and Ethereum prices saw modest gains Wednesday ahead of the Federal Reserve rate rise decision. Bitcoin (BTC), which gained more than 5% on Tuesday, as the CPI inflation came in at 7.1% against 7.3%. Bitcoin prices have risen nearly 1% to test the $18k resistance in the last hour.
Bitcoin trades at $17,900. This is nearly 4% more than the previous 24 hours. The trading volume has increased and the 24-hour lows and highs are $17.312 and $17.930, respectively. The Bitcoin Fear and Greed Index has also risen to 30 levels, which was the pre-FTX crisis level.


Ethereum (ETH) is trading at $1.331, an increase of over 3% over the past 24 hours. Similar to Bitcoin, the ETH price has risen nearly 1% over the past few hours. The 24-hour low and high were $1,289 (or $1,341) respectively. The ETH price is trending strongly compared to BTC. Altcoins will rise as a result.
After four consecutive 75-bps rate increases, the Federal Reserve is expected raise the fed funds rates by 50 bps to 4.25-5.5% at its last monetary policy meeting. Investors will be keeping an eye on inflation and growth projections as the U.S. CPI continues its fall.
Wall Street anticipates a slowdown of rate hikes starting December, as suggested by Fed Chair Jerome Powell. This is after a 75-bps rate increase in November. JPMorgan, Goldman Sachs and Citi expect a 50-bps rate increase in December.
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Today, the UK announced that annual inflation fell to 10.7% in November, from 11.1% in October (a 41-year-high), beating forecasts of 10.9%. The prices of Bitcoin and Ethereum remained higher.
Futures tied to Dow Jones Industrial Average and S&P 500 remain flat on Wednesday, as investors remain uncertain about the Fed’s hawkish-dovish stance. Investors expect a lower interest-rate hike from the Federal Reserve following softening inflation data.


According to the CME FedWatch tool, there is a 80% chance of a 50-bps rate increase. After the CPI data release, the value rose to 73.5%. The U.S. Dollar Index has fallen below 104. Although the stock markets have already responded, crypto investors are waiting for the Fed rate hike decision to confirm market bottom.
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