Market Update - February 2, 2024

By Gemini

Weekly Market Update - February 2nd 📨

Fed Votes to Hold Interest Rates Causing Stocks to Tumble
SEC Set to Approve Ethereum ETF by May
Record Breaking Trading Volumes for Solana Dex in Wake of JUP Airdrop

Ethereum ETF:

According to a new report by British multinational bank Standard Chartered, the U.S. Securities and Exchange Commission (SEC) is set to approve Ethereum (ETH) exchange-traded funds (ETFs) by the final deadline for approval on May 23, potentially doubling the current price of ETH.
The report expressed strong confidence in an approval, citing the fact that the regulator has not classified ETH as a security.

700M JUP Airdrop to Solana Wallets:

One of the biggest token airdrops ever took place on the SOL blockchain this week, as the Jupiter network started distributing roughly $700 million worth of its JUP token to nearly a million SOL wallets.
Token trading on Solana decentralized exchanges briefly surpassed trading on Ethereum-based exchanges in December, and with the latest JUP airdrop, it could very well flip in favor of Solana again.

Stocks:

Markets closed down -1.61% and -1.94% respectively, caused by the pushback of an interest rate cut, and amplified on the day due to a number of the tech giants showing underwhelming earnings on Tuesday evening and opening lower on Wednesday morning.

🏦 Topic of the Week: What is an ETF?

Read more here

Gemini

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