CoinLoan Weekly: Market in the green, BTC above $17K, SOL and ADA rally

Price dynamics

BTC price

BTC price chart. Source: CoinGecko

ETH price

ETH price chart. Source: CoinGecko

XRP price

XRP price chart. Source: CoinGecko

Cryptocurrency news

Bitcoin above $17K for the first time since mid-December

US employment data

Key developments to follow

  • The next meeting of the Federal Open Market Committee is scheduled to begin on January 31. According to the CME FedWatch tool, a rate hike of 50 to 75 basis points is the most likely. The new US consumer price data due on January 12 should play a crucial role in the decision-making process.
  • Crypto conglomerate Digital Currency Group and its subsidiary Genesis are under investigation by the SEC (the US Securities and Exchange Commission) and the EDNY (US Attorney’s Office for the Eastern District of New York). According to Bloomberg, federal prosecutors are scrutinizing transactions between the two companies in light of heavy losses sustained amid the 2022 crypto turmoil.
  • Meanwhile, Tron’s TRX token and Huobi’s HT slid last week on the news of internal tensions at the crypto exchange. Huobi, whose advisory board includes Tron founder Justin Sun, announced laying off 20% of staff and converting all salaries into stablecoins.
  • The performance of Solana’s SOL could prove impactful, as the token used to be one of Sam Bankman-Fried’s favorites. It became one of the biggest casualties of the FTX implosion in late 2022.

SOL and ADA soar, setting monthly highs

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CoinLoan is a Crypto Lending Platform

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