BTC and ETH Soar Over 6%, What's Next in Bitcoin and Ethereum Price Predictions?

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11th April,203

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The biggest digital currency in the world, Bitcoin, continued its upward trend, climbing 7% to $30,193 for the first time since June. It happened right before the Consumer Price Index (CPI) data was made public.

The CPI data is expected to indicate higher inflation when it is released on Wednesday, increasing the likelihood that the Fed will adopt a less hawkish posture at its upcoming meeting.

Ethereum, the second-most valued cryptocurrency, increased more than 3% to $1,925 for the first time since August as investors looked forward to the most recent update to the Ethereum network, which is also planned for Wednesday.

It is important to note that the Consumer Price Index (CPI), which gauges how much the prices of goods and services have increased,and there are more services. As a result, traders and investors predict that the US Federal Reserve will opt to postpone or slow down its intentions to hike interest rates at its next meeting if the CPI report indicates a high level of inflation.

For assets like Bitcoin, whose value might increase further, this may be excellent news.

Additionally, a bill to control Bitcoin mining activity was just passed in the US state of Arkansas. The fact that it shielded miners from excessive taxes and harsh regulations was considered as yet another good development for the industry.

In the end, this has benefited cryptocurrencies and helped drive up BTC.

Furthermore, numerous optimistic predictions for BTC's future served to support the increases in price..By the end of 2023, according to the Elliott Wave theory, a well-known technical analysis technique, the price of Bitcoin (BTC) would have risen to $130,000.

Bitcoin Prices May Be Affected by the US CPI Report in Light of Interest Rate Hike Talks

On Wednesday, the Consumer Price Index is scheduled to be released, and higher levels are anticipated. The report will show how much the cost of goods has increased in the US.

Prices have risen 5.6% more than expected, above the government's objective of 2%.

This could prompt worries about how inflation would affect the economy as a whole and consumers' purchasing power.

Investors are therefore anticipating the publication of crucial inflation statistics, which might affect the value of cryptocurrencies. Investors are placing bets that the US Federal Reserve may reconsider its plans to raise interest rates if the next Consumer Price Index (CPI) data reveals a level of inflation.

A rise in the value of assets like Bitcoin may result from this. As a result, Bitcoin's price rose over night and recently crossed the $30,000 threshold.

Arkansas Adopts Law to Control Bitcoin Mining and Safeguard Miners

The Arkansas Data Centers Act of 2023, which aims to control Bitcoin mining, has been adopted by the state of Arkansas. Terms like "digital asset mining" and "digital asset miner" are defined in the Act.

It also explains the prerequisites that miners of digital assets must take into account in order to operate in the state, , such as abiding by local, state, and federal laws, paying all taxes and government fees, and conducting business in a manner that does not place an undue burden on the electric public utility's transmission network or generation capacity.

Additionally, the Act permits anyone to use a node at their house for the mining of digital assets, subject to applicable utility restrictions and prices.

Additionally, it states that a person may run a mining operation for digital assets in an industrial zone that the local government has not designated for another use.

Because it settles regulatory issues for Arkansas-based Bitcoin miners and ensures that they have the same rights as data centers, this announcement has consequences for Bitcoin.

This was regarded as a vital element that is likely to draw more Bitcoin mining operations to Arkansas and support the expansion of the entire crypto industry.

Bitcoin Cost

The price of one bitcoin is $30,126, and $22.8 billion worth of it was traded during the previous day. Bitcoin has gained by 6.43% in the last day.

Technically speaking, the BTC/USD pair is displaying a strong bullish trend at the $30,000 level. After this threshold is crossed, there can be resistance at $30,000 before the price of BTC rises to $31,000 or perhaps $32,250.

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