Bitcoin and other cryptocurrencies experienced a bear run as speculations surrounding an important meeting by the Federal Reserve caused a selling exercise among investors. The uncertainty regarding the potential increase in interest rates led to Bitcoin dipping to $61,928 before bouncing back to $62,387.
The Federal Reserve is set to announce its intended interest rate on the 1st of May, with rumors circulating about a possible change. The upcoming release of the US unemployment rate on the 3rd of May will also play a crucial role in shaping the economic landscape and the Federal Reserve’s future decisions.
Despite the recent fluctuations, Bitcoin has seen a significant rise of over 47%, reaching $74,000. Analysts are divided on the future of Bitcoin, with some predicting a rebound in trading while others foresee a potential peak of $218,875 by the end of 2025.
As the Federal Reserve’s decision on interest rates looms, the crypto space remains uncertain, with investors closely monitoring the market. Some experts believe that Ethereum may soon overtake Bitcoin as the leading cryptocurrency, signaling a potential shift in capital allocation.
In the midst of these developments, the crypto community remains vigilant, with all eyes on the Federal Reserve meeting and its potential impact on the market. Despite the challenges ahead, Bitcoin continues to show resilience, with the possibility of reaching new highs in the near future.
