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24 Crypto Update, 28 Jan: Crypto Awaits Central Bank Verdict

Key Takeaways
  • Investors are anxiously awaiting information from the forthcoming FOMC meeting scheduled for the 30th and 31st of this month.
  • Bitcoin is priced over $42,000, and Ethereum has surpassed $2,250 in trading.
  • The whole cryptocurrency market fell 0.10%, hitting a total worth of $1.71 trillion.
29-Jan-2024 By: Lokesh Gupta
24 Crypto Update, 28

Crypto market dropped 0.10% in 24 hours, hitting $1.71 trillion.

  • #Bitcoin demonstrates resilience, exceeding $42k and indicating a possible climb to $45k, fueled by institutional investments.

  • BlackRock's Bitcoin ETF receives acclaim, labeled a "huge success" by Rachel Aguirre, boasting a $3B trading volume and $1.6B capital.

Major Events To Watch

forex factory

Crypto Fear and Greed:

fear and greed index

Over the last 24 hours, there has been a notable increase in purchasing activities in the market, resulting in a one-point rise in the "Greed and Fear Index." With the current score at 55 on a scale of 0 to 100, the market sentiment is positioned above the midpoint, suggesting a positive outlook.

Latest Market Update: 

  • #Bitcoin ($BTC), the world's oldest and most valuable cryptocurrency, surpassed the $42,000 mark during the weekend following a concerning decline last week.

  • Other leading cryptocurrencies, including #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC), experienced a mix of minor gains and losses.

  • #Conflux ($CFX) emerged as the top performer, recording a 24-hour gain of over 11%.

  • #Pyth Network ($PYTH), however, faced the largest decline, with a 24-hour dip exceeding 6.07%.

  • Total crypto market volume in the last 24 hours: $41.62B, reflecting a 23.00% increase.

  • DeFi volume stands at $4.37B, constituting 10.51% of the total crypto market 24-hour volume.

  • Stable coins dominate the market with a volume of $36.97B, representing 88.83% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is at 50.90%, showing a 0.07% increase over the day.

Major Worldwide News Update:

  • Harvest Fund Hong Kong pioneers the application for a Bitcoin spot ETF, marking a notable move in the region. The Hong Kong Securities Regulatory Commission aims for swift approval, mirroring the recent trend in the U.S. post-SEC approval. Other players, like Venture Smart Financial Holdings, also express interest.

  • The upcoming Bitcoin halving event in April marks a pivotal moment for the cryptocurrency in 2024. As attention focuses on Bitcoin's governance, discussions arise on its code-driven operation rather than a 'constitution.' The evolving landscape challenges the initial concepts outlined in the Bitcoin White Paper's 16th anniversary year.

  • As India gears up for the Union Budget speech for fiscal year 2025, Finance Minister Nirmala Sitharaman's imminent address captures widespread attention. Despite the upcoming vote-on-account on February 1, various sectors, including crypto, finance, and agriculture, eagerly await potential developments. 

  • Polygon zkEVM teases a transformative upgrade, becoming a Type 2 ZK-EM, aligning closely with Ethereum mainnet. The Etrog upgrade introduces pre-compiled smart contracts, enhancing Polygon's status as a leading Layer-2 scaling solution.

  • The Inverse Cramer ETF (SJIM), designed to counter Jim Cramer's stock tips, is closing after ten months due to low assets and a negative 15% return. Its counterpart, the Long Cramer ETF (LJIM), met a similar fate in August 2023. The ETFs were created to caution against blindly following TV stockpickers like Jim Cramer.

  • China's securities regulator, CSRC, plans to suspend lending of restricted shares from Jan. 29 to limit short-selling amid stock market turbulence. The move aims to enhance fairness, reduce securities lending efficiency, and level the playing field for all investors. China continues efforts to control capital outflows and stabilize its stock market.

COIN GABBAR Views: Could Fed's Powell and Treasury's Yellen accidentally unleash a substantial Bitcoin and crypto price earthquake, given their apparent fear? Is the correction over, and is BTC gearing up for a $48k surge in February? How might FED fund rate changes impact the global market—will the crypto market experience a dump or pump after this event? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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