US Fed Prints $400 Billion, Bitcoin Price and Ethereum Set To Rally
The U.S. Federal Reserve balance sheet rises almost $100 billion this week, taking the total to $400 billion. The central bank continues to print more money for rescuing cash-strapped banks since the collapse of Silvergate, Silicon Valley Bank, and Signature Bank. Bitcoin and Ethereum prices have soared higher as a result, with the crypto fear and greed index rising to 61.
US Banks borrowed a combined $163.9 billion from the U.S. Federal Reserve, against $164.8 billion in the earlier week. Borrowing rates by banks have increased after the Fed raised interest rates by another 25 bps to 4.75%-5% and Treasury Secretary Janet Yellen said no blanket insurance for all bank deposits.
Tesla CEO Elon Musk, billionaire Bill Ackman, former Coinbase CTO Balaji Srinivasan, and Ark Invest CEO Cathie Wood criticized the U.S. Federal Reserve’s rate hikes amid the banking crisis.
Bitcoin Price To Hit $35,000 and Ethereum Set For $2000?
Bitcoin price rises over 2% in the last 24 hours, with the price currently trading near $28,100. The 24-hour low and high are $27,359 and $28,729, respectively. While the BTC price has increased, the trading volume has decreased in the last 24 hours.
On-chain analysis and sentiment analysis revealed Coinbase Premium Index is decreasing and Korea Premium Index is increasing. High premium values indicate strong buying pressure by U.S. and Korean investors. However, the current scenario signals a more balanced price momentum.
Moreover, 4 on-chain metrics reveal potential correction in the BTC price for more upside moves in the coming days as positive sentiment rise. Analysts said Bitcoin has the potential to hit $35,000 amid the banking crisis.
Meanwhile, Ethereum price is also witnessing an upside move, with ETH price rising 3% in the last 24 hours amid bullish sentiment. ETH price is trading at $1,710, with a 24-hour high of $1,853. Ethereum price will be volatile amid high gas fees and the Shanghai upgrade set for April 12.
Also Read: Binance CEO “CZ”, Nic Carter On Repercussions Of Operation Choke Point 2.0
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill
- Breaking: BNB Chain Account Hacked With Founder CZ Shown Promoting Meme Coin
- Trump’s Thumzup Media Boost Dogecoin Mining Fleet, Pumps $2.5M Into DogeHash
- BREAKING: 21Shares SUI and Polkadot ETFs Gain DTCC Listing
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
