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CoinDesk Market Index (CMI)
+14.3 ▲ 1.3%
+211.3 ▲ 0.9%
+21.1 ▲ 1.4%
S&P 500 Daily Close Price
+58.8 ▲ 1.5%
+20.6 ▲ 1.1%
Government Bond Yield 10 Years
BTC/ETH price by CoinDesk index; Gold is the COMEX spot price.Price around 4pm ET
Bitcoin (Bitcoin): The largest cryptocurrency by market value recently traded at around $22,900, up 0.5% over the past 24 hours.
stock Investors are also buoyed by the recent resumption of economic activity in China, after the latest data showed the European economy is picking up marginally. Markets are awaiting Wednesday’s decision by the Federal Reserve on a potential rate hike. The tech-rich Nasdaq Composite rose 1.6%, while the S&P 500 and Dow Jones Industrial Average (DJIA) rose 1.4 and 1%, respectively. The Nasdaq finished his January the best since 2001.
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2023 marks the start of a strong year for Bitcoin with a 40% rise. Temporary price cuts interrupt gains as Fed Chairman Jerome Powell likely sticks to his hawkish script in Wednesday’s post-meeting press conference , an analyst told CoinDesk.
The Fed kicked off its two-day meeting today We will announce the rate decision on Wednesday at 19:00 UTC. Chairman Powell’s press conference will follow the interest rate decision at 19:30 UTC (2:30 pm ET).
We hiked 425 basis points (bps) last year, with huge moves of 75 bps and 50 bps., there are solid hopes that the Fed will slow the pace of tightening to 25bps on Wednesday. In other words, a rate hike of 25 basis points is priced in. It will be interesting to see if Fed Chair Powell acknowledges the recent softening of inflation and economic activity and strengthens market expectations for an early turn to easing.
However, such results are more likely. The recent rally in stocks and bonds and the depreciation of the US dollar eased financial conditions in the economy for the first time since April. This undermines the Fed’s efforts to counter the price pressures rampant in the economy with tougher credit standards.
“Chairman Powell is likely to become more hawkish in his press conference and tighten the fiscal situation. So we could see a healthy short-term correction in cryptocurrencies and all risky assets,” said Naumann Sheikh, head of finance at crypto asset manager Wave Financial.
Sheikh added that the market is ahead in pricing the so-called Fed pivot The Federal Reserve (Fed) has repeatedly warned that interest rates will “stay higher for longer,” despite repeated warnings.
Summary of tokens
ether (ethereum): ETH rose 0.9% at around $1,570.
Decentraland (mana): The Metaverse project’s native token rose about 152% in January. Decentraland’s price increase largely follows the launch of a number of new features mid-month, even though the platform’s user numbers have not increased significantly. MANA’s price recently rose 3% to 74 cents on Tuesday.
Pseudo Swap (SUDO): Sudoswap, a popular non-fungible token (NFT) marketplace, launched Monday to airdrop sudo tokens to users based on predetermined criteria. Sudoswap allows users to instantly exchange her NFTs for other tokens on the Ethereum blockchain. According to DeFiLlama, $3.7 million worth of token value is locked as of Tuesday.
Crypto Market Analysis: “Bitcoin, Ether Prices Flip From Darkest Day Of 2022
By Glenn Williams Jr.
Both of the largest cryptocurrencies by market capitalization are trading far higher than last year’s darkest days in crypto. Below is a list of the five worst trading days of 2022 for both BTC and ETH . The list is duplicated because the assets are highly correlated. Both lists correspond to days of great uncertainty regarding the solvency and operations of some cryptocurrency institutions.
BTC’s worst trading day of 2022 fell 16% on June 13, coinciding with Celsius Network’s announcement to suspend investor withdrawals. ETH’s worst trading day is November 9 , Binance pulled out of a deal to acquire troubled cryptocurrency exchange FTX.
BTC and ETH outperformed their struggling daily closes, with investors already pivoting from the negative repercussions of these events to focus on more current-relevant factors such as inflation and the next Fed rate announcement. There seems to be
Read the full technical take here.
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