Market Update - January 26, 2024
- Bitcoin hangs above 40k as ETF-led rally fizzles: After peaking at
49K immediately after the launch of the ETFs, the price of bitcoin (BTC) has since dropped over 20% in the two weeks following, reaching a low of ~38.5k on Tuesday. BTC is now trading back at the levels seen at the start of December, retracing the rally experienced in the build up to the anticipated launch of the ETFs. - Ether dips against bitcoin as SEC delays ether ETF decision: Ether (ETH)’s rally higher against BTC lost steam this week after failing to break through the 0.06 level in the ETHBTC pair. The US Securities and Exchange Commission (SEC) also postponed its decision on BlackRock’s spot ether ETF until March, and last week it delayed Fidelity's spot ether ETF application. These delays were widely expected.
- Altcoins dip throughout the week, but pick up by Friday: Altcoins faced a difficult start to the week as bitcoin broke down and dipped below 40k briefly, but many retraced losses by Friday. Solana (SOL) was up ~5% over the past seven days after being down throughout the week, Avalanche (AVAX) was up 2%, Injective (INJ) was down just over 2%, and XRP down over 1%. There were some bright spots among altcoins, however, with Chiliz (CHZ) up ~30% on the week, Maker (MKR) up over 8%, and 0x (ZRX) up just under 25% over the same time period.
- US markets rally as tech stocks await earnings next week: The S&P 500 hit another record high on Wednesday, bolstered in part by stronger than expected Gross Domestic Product (GDP) growth numbers released this week. GDP data showed 3.3% growth in the US economy for the fourth quarter of 2023, well above the 2% expected by Dow Jones-polled economists. Tech companies showed continued strength too, with Microsoft’s market capitalization hitting a new all time high above $3 trillion for the first time, and Netflix, Alphabet, and Meta also posting gains as market participants eagerly await earnings slated for next week.
🧑🤝🧑Topic of the Week: Double Spending Problem
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