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24 Crypto Update, 31 Jan: Crypto Bleed after FOMC Outcomes

Key Takeaways
  • After the Federal Reserve decided to pause interest rates, Bitcoin underwent a 2% decline, erasing hopes of imminent rate cuts.
  • Currently, Bitcoin is trading below $42,000, while Ethereum has fallen below $2,250.
  • The broader cryptocurrency market witnessed a 2.50% decrease, bringing the total valuation to $1.69 trillion.
01-Feb-2024 By: Lokesh Gupta
24 Crypto Update, 31

Crypto market fell 2.50% in 24 hours, beyond $1.69 trillion.

  • #Bitcoin dropped below $43,000 after the US #Federal Reserve's rate decision, driven by investor anticipation of a March rate cut.

  • Finance Minister #Nirmala Sitharaman is scheduled to present the Interim #Budget for 2024 on February 1.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

Over the last 24 hours, there has been a notable increase in purchasing activities within the market, resulting in a one-point rise in the "Fear and Greed Index." Presently positioned at 63 on a scale ranging from 0 to 100, the market sentiment suggests a positive outlook.

Latest Market Update: 

  • #Bitcoin ($BTC), the world's oldest and most valuable cryptocurrency, sparked speculation in the broader crypto market as it briefly dipped below $42,000.

  • Other major coins, including #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC), experienced losses.

  • The #SATS ($1000SATS) token emerged as the top gainer, with a 24-hour increase of over 5 percent.

  • Conversely, #Jupiter ($JUP) faced the most significant loss, with a 24-hour decline of over 60 percent.

  • The total crypto market volume has experienced a 28.31% decrease in the last 24 hours, now standing at $41.12B.

  •  DeFi's total volume is $5.91B, constituting 14.37% of the overall 24-hour crypto market volume.

  • The volume of all stable coins has reached $14.53B, representing 35.33% of the total crypto market 24-hour volume.

  • Bitcoin's dominance has increased by 3.45% in the past day, currently standing at 54.41%.

Major Worldwide News Update:

  • #Bitcoin faced a setback as the US Federal Reserve opted to keep interest rates steady, dashing expectations of a March rate cut. This move led an analyst to foresee challenges for both U.S. stocks and $BTC. The #Federal Reserve Board emphasized the need for "greater confidence" in addressing inflation before considering rate cuts during the Jan. 31 press conference.

  • India's Finance Minister, Smt #Nirmala Sitharaman, is poised to reveal the #Union Budget for the fiscal year 2025 on February 1. Anticipation is high across various sectors, with the budget speech scheduled for 11:00 AM IST. Cryptocurrency investors have high expectations from the Union Budget, in which the biggest expectation is regarding any update related to the crypto regulatory framework.

  • On January 31st, #Ripple encountered a significant hack, losing $112 million in $XRP. Despite a 4% drop in Ripple's price, on-chain data reveals that influential $XRP whales remained calm, holding their coins. Ripple's leadership assured the security of wallets following the incident.

  • South Africa's Foreign Minister, Naledi Pandor, revealed that Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE are interested in joining BRICS after an invitation extended at the 2023 Summit. Argentina declined. BRICS nations discuss using cryptocurrencies to boost economies, reduce costs, and enhance financial independence. BRICS is considering adopting cryptocurrencies to reduce reliance on banks, tackle sanctions, and boost financial inclusion

  • Bitfinex Securities #El Salvador obtains a digital asset service provider license, pioneering compliant issuance and trading. This aligns with El Salvador's commitment to tech-friendly financial innovation and growth.

  • The UK seized £1.4 billion worth of Bitcoin in a fraud investigation involving Jian Wen, accused of laundering proceeds from a £5 billion investment fraud. Wen, denying involvement, claims ignorance of the illicit source while attempting to buy a multimillion-pound mansion. The trial continues as Qian remains at large.

  • The EU is considering banning Proof-of-Work networks, like Bitcoin, due to environmental worries. They propose a carbon tax on crypto mining, labeling it environmentally harmful. Members could shut down mining for energy security. This potential ban may globally impact Bitcoin mining, including in the US.

COIN GABBAR Views: Does the inability of BTC to successfully claim $43K signal bearish signs? Could the Bitcoin price slump by 30% after the #FOMC meeting due to the Fed's decision, leading to a stumble following dashed hopes for rate cuts in March? 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.

Also Read: Crypto Investors Look to Union Budget for Regulatory Updates

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