The crypto market has seen significant developments this week, including Bitcoin’s movement, the Fed’s decision on interest rates, and the rise of Jupiter Exchange’s native token JUP. These events have caused a frenzy among crypto enthusiasts worldwide.
Bitcoin, the first digital currency, has been trading with high volatility and gaining a lot of attention since the introduction of spot Bitcoin ETFs. The token’s market dynamics have been impacted by the net flows of all 11 ETFs. Despite earlier predictions, Bitcoin has been predicted to potentially reach $50K by Markus Thielen, CEO of 10x Research. Additionally, the Fed’s decision to keep interest rates unchanged for the fourth consecutive meeting has maintained the status quo for digital asset investments in the US. This week, Bitcoin outflows totaled $500 million, while Grayscales’ outflows decreased.
In another significant development, the Federal Reserve announced that interest rates would remain unchanged for the fourth time. This decision has sparked speculations and discussions, but it has not had a significant impact on the crypto market. The interest rate will remain at 5.25%-5.50% due to the US’s current inflation rate being higher than the central bank’s target of 2%.
Jupiter Exchange’s native token, JUP, has also been making headlines this week. The Solana-based DeFi exchange has announced plans for further airdrops, generating significant attention. In addition, the DEX’s 24-hour trading volume has surpassed Uniswap V3, according to data from CoinGecko. The exchange’s founder, known as Meow, has highlighted the token’s fair strategy and expressed concerns about recent market fluctuations and listings.
Meanwhile, Binance, the leading cryptocurrency exchange, has listed the JUP token, boosting its trading volume to $630 million. The token is now available for trading with pairs such as JUP/USDT, JUP/FDUSD, and JUP/TRY since January 31 at 15:30 UTC.
The crypto market continues to see significant developments and advancements, with the rise of Jupiter Exchange’s JUP token being the latest highlight. As the market remains volatile, investors and traders must stay updated on the latest news and developments.
