Bitcoin and Ethereum Surge Despite Warnings and Crackdowns

BlackRock analysts have warned that the market is wrong to bet the Federal Reserve is about to flip dovish, predicting higher interest rates are here to stay. The bitcoin and ethereum price boom so far this year has been powered by continued confidence in an imminent Federal Reserve rate cut. However, the banking crisis that engulfed Silicon Valley Bank, Signature Bank and Silvergate before spreading to Europe is thought to have been partly caused by the Fed's rapid series of interest rate hikes, adding to expectations the Fed would be forced to lower rates in coming months.