We noticed that, recently Bitcoin and Ethereum prices haven't been moving significinalty hinting at an 'ultimate stabilization' after the FTX collapse. Unclear status led us to ask Jaroslaw Stankiewicz, Geco.one COO if current levels are strong enough to withstand December FOMC decision.

Have Bitcoin and Ethereum finally found their bottom? Are current levels solid support ready to absorb FOMC impact?

Jaroslaw Stankiewicz (COO @ Geco.one): We are currently observing stagnation in the market of the top digital currencies. BTC and ETH rates have been sideways for a month. The market has not yet decided which way it will go in the coming months. On the one hand, we have a lot of turbulence behind us resulting from the problems of several cryptocurrency companies that conducted their activities in a way that aroused much controversy. On the other hand, there is more and more information about the active acquisition of large investment banks taking advantage of emerging opportunities to take over companies related to the crypto industry with 'problems'.
We predict that nothing radical will happen in the crypto market by the end of the year. There may be some movements in BTC and ETH rates, but not as drastic as in the recent past.
The current valuations of the most important digital currencies already consider the decisions of American financial supervision. It is noteworthy that the number of changes in the value of BTC and ETH since the FED announced its declaration of raising interest rates is as much as 60-70% in the last 12 months. Cryptocurrencies reacted to reduced liquidity by falling, as did other risky assets. Taking into account the scale of the revaluation of the most important digital currencies and the fact that the fight against inflation is starting to bring results, over the next 12 months, the value of BTC and ETH will increase from the current rates unless new events appear in the world and the crypto industry. But the most significant price changes are likely to occur in 2024.

Read next: Ethereum price can remain in the range of $1,220-1300 until inflation, FOMC decision | FXMAG.COM