Market Update - February 9, 2024
- Bitcoin crosses 47K as ETF inflows steadily outpace outflows: After remaining range bound between 42.5K-43.5K for the past few weeks, bitcoin (BTC) jumped higher on Wednesday evening and once again broke through the 45K level for the first time since the launch of the spot bitcoin ETFs a month ago. On Friday, BTC rose past 47K. Continued demand for the spot bitcoin ETFs could be helping the move higher and they have been showing more strength this week with inflows outpacing outflows from Grayscale’s GBTC for the ninth consecutive day.
- Solana hovers above $100 despite five-hour outage: On Tuesday, the Solana network experienced a significant outage leaving the network offline for five hours, resurfacing the debate and criticism of Solana being too centralized. The price of SOL initially fell on the news, breaking below the $94 mark. However, the price fought back after the issues were resolved and moved above $100 on Wednesday evening.
- Ethereum Name Service partners with GoDaddy as altcoins perform well: Ethereum Name Service (ENS) saw its price gain over 20% over the past seven days following the announcement of a partnership with domain registrar GoDaddy on Monday that will allow Web3 users to link their .eth names to traditional Web2 domains at no additional cost. Other leading altcoins were also up this week, including Avalanche (AVAX) +3%, XRP +4%, Filecoin (FIL) +6%, and Immutable X (IMX) +8%..
- Stocks break new records and interest rate debate continues: Stock prices continued to add to their strong start to the year with US stock indices posting new all time highs again this week. On Wednesday, the S&P 500 closed within touching distance of the 5,000 mark for the first time ever. The timing of interest rate cuts also continued to be debated this week. Market participants have tapered expectations slightly and are now pricing in five rate cuts for 2024, down from six at the start of the year. However, this is still higher than the baseline scenario put forward by the Fed, which is currently three rate cuts this year.
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