Bitcoin Rises 3% Ahead of Fed Announcement
Bitcoin has gained 3% overnight as the market anticipates the U.S. Federal Reserve’s interest rate announcement on Wednesday. The hope is that the interest rates will remain unchanged, but there may be indications from Fed Chairman Jerome Powell about potential rate cuts later in the year.
Grayscale Bitcoin Trust Selling Slows Down
Last week, Bitcoin faced challenges as Grayscale Bitcoin Trust (GBTC) investors sold off shares after the fund converted into a spot Bitcoin ETF. This resulted in a significant downward pressure on Bitcoin’s price. However, European digital asset manager CoinShares has reported a slowdown in GBTC selling. Despite this, crypto funds experienced $500 million in cash withdrawals last week.
Solana Surges Above $100
The native token of the Solana ecosystem, SOL, started the day trading above $100 for the first time since January 18. Solana has gained 6.9% in the past day due to increased trading volumes on liquidity aggregator and decentralized exchange Jupiter, leading up to the airdrop of its JUP token. Around 1 million wallets are eligible to claim the token starting on January 31.
Jupiter Prepares for Airdrops
Jupiter, the DEX and Jupiter Launchpad provider, is preparing for a series of airdrops. The long-awaited airdrop of Ovols meme coin is imminent, although no specific date has been announced yet. Additionally, the WEN token airdrop recently concluded in the Solana community, resulting in a wild ride for its price. Unclaimed tokens were burned, causing a 23% drop after the airdrop ended.
Ongoing Developments in Crypto Space
The crypto market continues to be dynamic and full of surprises. It’s important to stay informed about the latest updates and developments to make informed investment decisions. Keep an eye on the Federal Reserve’s interest rate announcement and any indications from Powell, as well as upcoming airdrops in the Solana ecosystem.
Hot Take: Volatility Persists in Crypto Market
The crypto market remains highly volatile, with various factors influencing price movements. While Bitcoin has experienced a recent increase, it is still subject to potential fluctuations based on market news and investor sentiment. Similarly, altcoins like SOL and tokens in the Solana ecosystem may experience significant price swings due to airdrops and other events. Stay vigilant and research thoroughly before making any investment decisions in the crypto space.
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