Bitcoin and Cryptocurrency Anticipate Historic Reversal by Federal Reserve Following Ethereum, Binance Coin, XRP, Cardano, Dogecoin, Polygon, and Solana’s $200 Billion Surge.
The value of major cryptocurrencies like Bitcoin and Ethereum has risen by $200 billion in the last two weeks, with Bitcoin nearing $28,000 per coin at its highest level since last summer. This, in turn, has made other cryptocurrencies like BNB and Cardano more attractive. In response to the collapse of Silicon Valley Bank (SVB), 186 US banks have been found to be vulnerable to similar risks, leading to calls for the US Federal Reserve to ease back on its interest rate hike programme. Analysts predict that the Fed will hike interest rates by a quarter of a percentage point next week before reversing course and cutting rates later this year. The Fed’s recent quantitative easing has sparked some concerns about US dollar hyperinflation and even the collapse of the entire financial system, but experts also say that Bitcoin’s latest rally could indicate the beginning of a new bull market.
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