Bitcoin and Ethereum Prices Drop Amid Fed Uncertainty, But 2023 Sentiment Remains Bullish
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Bitcoin and Ethereum prices dropped yesterday amid broader market uncertainty around upcoming Fed interest rate decisions.
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Bitcoin fell 2% to around $51K, nearing a key support level around $51K, while Ethereum fell 3.2% to $2,900.
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Despite the drops, overall sentiment remains bullish for 2023, with Bitcoin having breached $50K and Ethereum nearing $3K.
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Key factors driving crypto optimism include demand for Bitcoin ETFs and a major upcoming Ethereum network upgrade.
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Crypto markets tend to benefit from Fed rate cuts, but are uneasy about interest rate uncertainty and the Fed's next moves.