ADA Rallies Amid Grayscale ETF Application as BTC Awaits Powell’s Testimony
Cardano's ADA is experiencing gains, influenced by Grayscale's spot ETF application, while Bitcoin (BTC) remains stable ahead of Federal Reserve Chair Jerome Powell's congressional testimony. Powell's remarks are expected to maintain a cautious stance on interest rate cuts.
Key points:
- Market-implied inflation rates have reached their highest since early 2023.
- President Trump's tariffs may contribute to inflationary pressures.
- Traders anticipate only 50 basis points in interest rate cuts by the end of next year.
- A weaker-than-expected Consumer Price Index (CPI) could boost market volatility.
- Japanese company Gumi plans to purchase 1 billion yen ($6.6 million) in Bitcoin.
- Solana outperforms Ethereum in decentralized exchange trading volumes.
Upcoming Events
- Feb. 13: Kraken begins delisting multiple stablecoins for EEA clients.
- Feb. 12: U.S. Bureau of Labor Statistics releases January CPI report.
- Feb. 11: Powell presents his semi-annual report to the Senate.
- Feb. 18: FTX Digital Markets starts reimbursing creditors.
Market Movements
- BTC up 0.62%, priced at $97,989.64.
- ETH up 0.53%, priced at $2,702.45.
- CoinDesk 20 index up 1.79% to 3,269.36.
Technical Analysis
Bitcoin's monthly chart shows support around $90,000, connecting previous price peaks from 2021.
Crypto Equities Performance
- MicroStrategy (MSTR): closed at $334.62, up 0.15% in pre-market.
- Coinbase Global (COIN): closed at $280.22, up 0.23% in pre-market.
ETF Flows
- BTC ETFs see a daily net flow decline of $186.3 million.
- ETH ETFs experience a daily net flow decrease of $22.5 million.
Chart of the Day
Solana-based decentralized exchanges have surpassed Ethereum in trading volume since October.
Stay informed on market developments.