Bitcoin (BTC) experienced a slight dip below $43,000 during the Asian session but has since been trading around the $42,500 level during the European morning. As of writing, BTC is valued at approximately $42,580, marking a 2.25% decrease in the last 24 hours. The month of January has seen Bitcoin fluctuate between its high of around $47,000, reached after the first spot BTC ETFs were listed in the U.S., and its low of about $38,500, which occurred two weeks later. The 20 Index, which measures the performance of the top digital assets, has also experienced a decline of 3.11%. Notably, Solana’s SOL, Cardano’s ADA, and Avalanche’s AVAX have been among the biggest decliners, with respective decreases of 6.7%, 5.4%, and 6.2%.
Indexes tracking non-fungible tokens (NFTs) have seen a rise of almost 10% in January. In contrast, the cryptocurrency Ether, which many NFTs are denominated in, has only gained slightly over 2%. This increase in NFT indexes is significant because initially, NFT prices in Ether did not keep up with the cryptocurrency’s year-end advance. However, traders appear to have changed their perspective as they now seek utility and real-world uses for NFTs. Yat Siu, the founder of NFT-focused venture capital firm Animoca Brands, attributes this rally to the newfound maturity and diversity of the sector. Siu believes that the departure of speculative investors has strengthened the foundation of the NFT space, leaving behind those who are genuinely interested in the technology.
Decentralized trading aggregator Jupiter, which is based on the Solana blockchain, is set to unveil its native token with an initial circulating supply of 1.35 billion. The token is expected to have a market cap of around $700 million, with JUP-USD perpetuals trading at approximately 67 cents on Aveo. Of the initial circulating supply, 1 billion coins will be allocated for airdrops, 50 million each for loans to market makers on centralized exchanges and liquidity pool needs, and 250 million for a launch pool. Around 955,000 wallets that have interacted with Jupiter before November 2nd will be eligible for the airdrop.
The article also includes a chart showing the annualized three- and six-month U.S. core personal consumption expenditures (PCE) measures. The core PCE is defined as personal consumption expenditures excluding food and energy prices and is the Federal Reserve’s preferred inflation gauge. Both measures have fallen below the Fed’s 2% target, which strengthens the case for renewed rate cuts by the central bank. The Fed is expected to announce its rate decision later on Wednesday, and analysts suggest that dovish hints could have a positive impact on Bitcoin.
In summary, Bitcoin has experienced some fluctuations in its price, hovering around the $42,500 level. NFT indexes have seen a significant increase, while Ether has only gained slightly. Jupiter, a Solana-based decentralized trading aggregator, is preparing to launch its native token. Additionally, the article highlights the decline in U.S. core PCE measures, which could potentially lead to rate cuts by the Federal Reserve.