Jan 29, 2024

US stocks surge to new highs, while BTC and ETH navigate volatile trading

Jan 29, 2024

Last week witnessed historic highs in US stocks, propelled by major technology companies such as Apple, Google, Microsoft, Meta, AMD, and Qualcomm, all scheduled to release their earnings reports this week. The market is keenly interested in the financial impact of AI products. The likelihood of a rate cut in March is currently below 50%, with most experts predicting the first rate cut to occur in May against a backdrop of declining inflation data and a resilient dollar.

This week's Federal Reserve meeting is likely to maintain current interest rates. However, Jerome Powell’s remarks could significantly shape expectations for rate cuts in both March and May, exerting substantial influence on US stocks and Bitcoin.

Bitcoin showed a stronger weekly close last week, forming a wide fluctuation range between the resistance at $43,000 and support at $36,000. Bitcoin is anticipated to sustain broad-ranging movements, with limited external news stimuli. Ethereum, trailing behind Bitcoin, has amassed significant liquidity within the $2,000 to $2,200 range. However, Ethereum currently lacks catalysts, with the upcoming Cancun upgrade emerging as a potential force that could propel it to outperform Bitcoin.

RON token soars by 550%

The RON token has witnessed a significant surge, increasing by 550% from a low of 0.4u to a current price of 2.6u. This rise is attributed to the continuous accumulation of RON tokens by a Binance hot wallet starting with 0xb3, which now holds a value of $20.93 million. RON's daily active users, surpassing those of Polygon further stimulated market interest.

OpenSea considers acquisition as its shares decline, while Blur grows

Opensea's CEO Devin Finzer is open to acquisition offers as the platform's NFT market share has plummeted to 12.7%, marking an 80% decline from its peak. Unlike traditional crypto companies that issue tokens, Opensea has opted for a more conventional corporate growth strategy without token issuance. The once dominant NFT marketplace has been significantly impacted by the cooldown in the NFT market and Blur's aggressive token-based strategy. Moreover, Opensea's limited support for narrative inscriptions has contributed to the surge in OKX's NFT market.

Blur has emerged as a major beneficiary of these events, leading in NFT trading volume and launching the Ethereum layer2 solution Blast, with a TVL nearing $1.3 billion. Blur's strengthening ecosystem and narrative are key market interest points.

BEBE gains attention from Elon Musk's mother and Vitalik's X interaction

BEBE, a memecoin in the Ethereum ecosystem, has garnered significant market attention following interactions on X (previously Twitter) between Maye Musk, mother of Elon Musk, and Ethereum co-founder Vitalik Buterin. The coin currently has an on-chain liquidity of $156,000 and a 24-hour trading volume of $2.76 million, despite a market cap of only $1.44 million. BEBE's narrative and growing interest make it interesting.

Solana memecoin WIF shows potential amid notable holder alignment

After attaining a market cap exceeding $300 million post Binance listing, WIF, a memecoin within the Solana ecosystem, supported by leading holders, including four of SBF's top ten addresses, has witnessed a substantial 70%+ decline from its peak. Currently standing at a market cap of $660,000, the coin poses an interesting case for future observation.

BTC Layer 2: BsquaredNetwork and Merlin Chain bolster with investments and testnet incentives

The BsquaredNetwork, positioned as a BTC Layer 2 solution, has secured investments from notable institutions such as OKX, ABCDE Capital, Waterdrop, and KuCoin. On December 29, 2023, the Odyssey event was announced, offering a reward system where participants can earn points for completing specific tasks. These points are anticipated to correspond to future token airdrops, providing an incentive for users to actively engage in the network's testing phase.

Meanwhile, Recursiverse, the creator of Bitcoin BRC-420, has announced the launch of the Merlin Chain, a Bitcoin L2 network utilizing the Cobo MPC solution to ensure non-custodial and secure transactions. The testnet is now live, and users can acquire test tokens at https://bitcoinfaucet.uo1.net/send.php for testing purposes, with the possibility of future airdrops.

Significant token unlocks this week

Jan 30th ~ 24.16 million OP tokens will be unlocked, currently valued at $74.41 million.
Jan 31st ~ 4 million SUI tokens will be unlocked, currently valued at $5.56 million.
Feb 1st ~33.33 million DYDX tokens will be unlocked, currently valued at $88.67 million.
Feb 1st ~ 27.43 million ACA tokens will be unlocked, currently valued at $2.31 million.

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