Prices have gone up Bitcoin and Ethereum and other major cryptocurrencies in the first month of 2023, adding $250 billion to the combined cryptocurrency market, CNBC reported.
Bitcoin rose to around $23,000, up from under $17,000 at the start of the year, and Ethereum and other top 10 cryptocurrencies saw similar gains although some minor coins rose larger.
Now, the market is preparing cryptocurrency The US Federal Reserve is set to decide on the US Federal Reserve’s interest rate Wednesday, February 1, amid expectations that it will raise interest rates to a new target range of 4.5% to 4.75% – the smallest rise since it began raising interest rates in March.
Sophie Lund Yates, chief equity strategist at Hargreaves Lansdown, said markets “could slump under pressure from the upcoming Fed rate hike”.