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24 Crypto Update, 29 Jan: US Data Buzz Boosts Crypto

Key Takeaways
  • Bitcoin exceeded $43,000 on Tuesday, driven by investor attention on the US FOMC meeting and its influence on interest rates.
  • Bitcoin is trading above $43,000, while Ethereum has crossed the $2,300 threshold.
  • The entire cryptocurrency market increased by 2.10%, reaching a total valuation of $1.75 trillion.
30-Jan-2024 By: Lokesh Gupta
24 Crypto Update, 29

Crypto market rose 2.10% in 24 hours, surpassing $1.75 trillion.

  • Bitcoin surged past $43,000 fueled by positive sentiment, attributed to reduced grayscale selling and increased bullish speculation.

  • Markets anticipate crucial events: Fed rate decision, ADP Non-Farm Employment Change, and US January unemployment data.

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 six-point rise in the "Greed and Fear Index." With the current score at 61 on a scale of 0 to 100, the market sentiment is positioned with a positive outlook.

Latest Market Update: 

  • #Bitcoin ($BTC), the world's oldest and most valuable cryptocurrency, surpassed the $43,000 mark on Tuesday.

  • Other leading cryptocurrencies, including #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and $Litecoin ($LTC), all experienced positive gains, contributing to a bullish trend in the market.

  • Among the various tokens, #PENDLE emerged as the top performer, recording a notable 15% increase in a 24-hour period.

  • Conversely, $MNT faced a downturn, marking the largest loss among tokens with a dip of over 5% in the same 24-hour timeframe.

  • Total crypto market volume in the last 24 hours: $53.09 billion, reflecting a significant increase of 26.60%.

  • DeFi (Decentralized Finance) volume stands at $4.6 billion, constituting 8.67% of the total crypto market 24-hour volume.

  • Stable coins contribute a substantial $48.06 billion to the total crypto market 24-hour volume, representing 90.53% of the overall market activity.

  • Bitcoin's dominance has increased by 0.27% over the day, reaching 51.18%.

Major Worldwide News Update:

  • Google has updated its advertising policies, now allowing crypto trust products like Bitcoin ETFs to be promoted in search results. Notable players like VanEck and BlackRock are already advertising. The move follows SEC's approval of spot Bitcoin ETFs, enhancing market visibility. However, concerns arise about potential exploitation and the need for caution and ad blockers to counter malicious entities. Google adjusts policies to align with evolving crypto regulations, emphasizing adherence to local laws for universal enforcement.

  • The cryptocurrency market awaits key economic data releases and central bank meetings taking precedence. Focus is on significant events such as US employment data, #FOMC and #BoE rate decisions. Investors in the #dollar, #gold, and #stockmarket closely monitor these decisions, determining the first interest rate of 2024. The timing of the #Fed potential interest rate reduction remains a crucial concern for investors.

  • JAN3 CEO Samson Mow reveals spot Bitcoin ETF accumulation stats, emphasizing BlackRock and Fidelity's significant daily intake of 9,000 $BTC. With growing demand, Mow advises investors to plan accordingly. Grayscale #GBTC outflows continue amid the new wave of spot Bitcoin ETFs. Hong Kong eyes its version.

  • Binance warns of a resurgence in cryptocurrency exchange token listing scams, citing impersonation of Yi He and Anndy Lian. Scammers use fake LinkedIn profiles and WhatsApp to deceive victims with false promises of #Binance token listings. Binance emphasizes verification and cautions against engaging with unofficial sources.

  • The dYdX Foundation collaborates with Stride to integrate liquid staking on its blockchain, enhancing efficiency. Plans to include Persistence and Quicksilver aim at diversifying staking options. Users can now purchase staked denominations of #DYDX, contributing to network security and earning yield. The move aligns with #DeFi trends, impacting the sector positively.

  • The $XRP Ledger (XRPL) is rapidly evolving, introducing innovations like the upcoming Ethereum Virtual Machine (EVM) sidechain. A collaboration with EasyA aims to open the XRPL EVM Sidechain to 750,000 developers, fostering growth and convenience. Recent upgrades, including the Hooks upgrade, showcase XRPL's competitiveness in the blockchain landscape. The loyalty of the XRPL community and the integration of various protocols suggest potential value appreciation for XRP.

COIN GABBAR Views: Will Bitcoin reach $48,000 as it surges towards $43,000, signaling an end to correction in a bullish pattern? How will FED fund rate, ADP Payroll Data, and Unemployment Claims changes impact the global market- predicting a dump or pump in the crypto market post these events? 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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