Bitcoin Price and Ethereum Prediction; Big Day Ahead with US Nonfarm Payrolls
Bitcoin (BTC) and Ethereum (ETH) both managed to remain stable at around $23,000 and $1,600 respectively. Previously, BTC went on to reach a record-high of more than $24,000 following the Federal Reserve's decision to raise interest rates by 25 basis points.
Later today, the US January Nonfarm Payrolls are expected to be released today, which could have a major impact on the prices of BTC and ETH.
The cryptocurrency market has been strongly affected by the recent US Federal Reserve policy. After the Fed announced that it would reduce interest rate hikes to 25 basis points, Bitcoin and other digital assets saw an increase in value.
On Thursday morning, BTC prices reached a 6-month high as it briefly broke the $24,000 threshold. Following this trend, Ethereum has witnessed a significant rise and is currently trading at $1,641.
Additionally, traders are hesitant to make any strong bids as the upcoming Non-Farm Payrolls (NFP) data, scheduled for today, will likely influence the Bitcoin price. These figures are crucial because they will guide the Fed's future decisions.
Additionally, the strong employment growth indicates that the Fed will maintain its dovish stance in the upcoming sessions.
The US January Nonfarm Payrolls report is due today and it could be a big day for Bitcoin. This report provides insight into the health of the US economy and could have an impact on the price of Bitcoin. The report is expected to show that the US economy added fewer jobs in January, which would be a positive sign for Bitcoin investors.
Additionally, other economic indicators such as ISM Services PMI, and Final Services PMI will also be released today and could influence Bitcoin prices.
Investors should pay close attention to these reports in
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