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Bitcoin, FOMC Meeting, & Jupiter Exchange Ignites Speculations – Crypto News

Published

2 years ago

February 4, 2024

Dripp

Another week ends with substantial advancements witnessed across the crypto realm. Among these developments, Bitcoin’s movement over the past week, the Fed’s decision on unchanged rate cuts, and the Jupiter Exchange’s native token JUP appear to have birthed a hurricane of frenzy among crypto market fanatics across the globe.

Some of the top headlines that grabbed the spotlight this week are:

Bitcoin Trades Near $43K

Bitcoin, the world’s first-ever digital currency, traded with quite the volatility over the past week, nabbing significant attention globally. Following the recent inception of spot Bitcoin ETFs within the crypto realm, the BTC price appears to have borne the brunt of market volatility, as the net flows of all the 11 ETFs impacted the token’s market dynamics promptly.

Meanwhile, Markus Thielen, chief executive officer at 10x Research, backtracked on his Bitcoin’s prediction to $38K, claiming the token can potentially showcase a run to $50K. Whereas, the Fed’s decision to keep interest rates unchanged for the fourth straight meeting appears to have pushed the sentiment of maintaining the status quo, potentially keeping investments steady in digital assets across the U.S.

In addition, Bitcoin outflows totaled nearly $500 million this week amid Grayscales abating outflows.

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Federal Reserve Decides Unchanged Interest Rates

In another significant gust of developments, the Federal Reserve’s stance on unchanged interest rates for the 4th straight meeting appears to have curated a tidal wave of speculations. Notably, the Fed decided to keep the interest rates unchanged at 5.25%-5.50%, as a result of the nation’s current inflation rate which is still above the central bank’s target of 2%. While, its impact on the crypto market remains the same, maintaining the current status quo of investments pouring into digital assets.

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Jupiter Exchange Ignites Inferences

On the other hand, Jupiter Exchange’s native token JUP piqued traders’ and investors’ interest globally following its unpredictable upheavals within the broader crypto market. The Solana-based DeFi exchange announced plans to facilitate further airdrops this week, garnering noteworthy attention across the market. Moreover, the DEX appears to have surpassed Uniswap V3 in 24-hour trading volume, as per data by CoinGecko.

While, Jupiter Exchange’s founder, going by the pseudo-name Meow, spotlighted a fair token strategy this week, stressing concerns during JUP’s recent market fluctuations and strategic listings.

Simultaneously, Binance, the world’s leading cryptocurrency exchange, unveiled plans to list the JUP token, bolstering the crypto as its trading volume hit $630 Mln. Aligning with this, the token was listed with the trading pairs JUP/USDT, JUP/FDUSD, and JUP/TRY as of January 31 at 15:30 UTC.

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