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CPI Hotter than Expected

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CPI out*
BTC went down 2% and red candles on it's way
and S&P 500 went 13% down too and the Red Candles on it's way
Macro is a King.
#Write2Earn‬ 

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This week in crypto 2 - 8 Feb, 2024

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Bitcoin ETF Overview

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1. Bitcoin’s implied volatility hit 130% a month ago, leading to a sell-off strategy, with current realized volatility at 51% and an expected decline to sub-30% levels. 2. BTC Dominance is 49%. It has remained relatively stable for the past one month which suggest neutral stance on the market direction. 3. It is 72 Days until Bitcoin halving…. What do you think guys?🐻🐻🐻

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Crypto Market Assessment (Feb 1-6) 1. The U.S. Federal Reserve maintained its interest rates unchanged, indicating a cautious stance on potential rate cuts until it sees sustained inflation progress. Market expectations for a rate cut in March slightly decreased after the announcement on 31st January FOMC Meeting. 2. Celsius to Distribute $3B Crypto to Creditors as Firm Emerges From Bankruptcy. The distribution will be made through PayPal and Coinbase. Apart from the cash, creditors will get a stake in the newly formed Ionic Digital Inc. mining operation, the company said in a statement on Wednesday. 3. Chainlink's LINK Token Taps 22-Month High of $18, Ending Three-Month Breather. Analysts consider LINK as the safest bet to profit from the tokenization narrative. Over the years, Chainlink has emerged as a critical component of the crypto industry infrastructure, connecting blockchains with data from the outside world through its oracles and a wide range of partnerships. 4. GBTC has led bitcoin ETF volumes, mostly in outflows, since the products started trading in early January. BlackRock’s IBIT and ProShares’ BITO became the first bitcoin (BTC) exchange-traded funds (ETF) to cross Grayscale’s GBTC trading volume on Thursday. 5. In January, the U.S. job market boomed with 353,000 new jobs added, beating expectations. The Federal Reserve signaled no rush for rate cuts, contrary to market hopes. Average hourly earnings surged, but weekly hours slipped. Traditional markets reacted negatively and Bitcoin's price dipped slightly. 6. El Salvador's Bitcoin-Friendly President Nayib Bukele Wins Re-Election. Under Bukele, the country in 2021 became the first nation to adopt bitcoin as legal tender. 7. Bankrupt crypto lender Genesis filed a motion Friday asking a U.S. judge to approve the sale of over $1.6 billion in bitcoin,ether and ethereum classic held in Grayscale’s trust products. If the motion is approved, the market could see yet another significant chunk of selling pressure on bitcoin.

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BTC Monthly Return

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