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Bullish Insights Weekly Market Recap

Jan 11, 2024 3 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of January 8, 2024.

Bullish exchange

This week’s peak exchange trade volume (24h): $4,001,528,688 on January 11, 2024.

This week’s headlines

  • The U.S. Securities and Exchange Commission (SEC) has given the green light for the listing of spot bitcoin ETFs, which will be available for trading starting Thursday, significantly expanding investment access to bitcoin. A competitive market is anticipated as companies like BlackRock, Fidelity, and Grayscale, which have been vying to launch bitcoin ETFs, begin to reveal and adjust their investor fees for these spot ETFs.
  • The U.S. Securities and Exchange Commission (SEC) has approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares, marking a shift in its stance after disapproving over 20 such filings since 2018. Gary Gensler highlighted in a statement that investors should remain cautious despite the approval and that the commission is not endorsing Bitcoin by any means.
  • Near Foundation has announced a 40% reduction in it’s workforce particularly in its marketing, business development, and community sectors. The NEAR Foundation's treasury has noted that they still hold assets exceeding $285 million in fiat currency, 305 million NEAR tokens valued at over $1 billion, and $70 million in various investments and loans.
  • Apple has removed the mobile applications of eight cryptocurrency exchanges, including Binance and Kraken, from its App Store in India following allegations of illegal operations. The move comes after India's Financial Intelligence Unit accused these firms of non-compliance with anti-money laundering regulations and sought to block their online services.
  • X's security team (formerly known as Twitter) has disclosed that a hacker was able to infiltrate the United States Securities and Exchange Commission (SEC) primary X account due to the absence of two-factor authentication (2FA). On January 10, X's safety team reported that the breach was a result of a SIM swap hack, where the attacker took over the phone number linked to the SEC's account to gain unauthorized entry.
  • Core Scientific, a major Bitcoin mining firm filing for bankruptcy, has successfully completed a $55 million equity raise as it looks to exit Chapter 11 in December 2022.
  • Starting in June, Mercari, a leading e-commerce platform in Japan, will begin accepting Bitcoin for transactions. As reported by Nikkei, Bitcoin payments will be managed through Mercari's Tokyo-based cryptocurrency arm, Melcoin, which will convert BTC to yen instantly, allowing customers to pay with Bitcoin while sellers receive traditional currency.

Equity markets

  • US equity markets ended the week on a higher note in Friday’s session with US monthly job data showing an increase of 216,000 jobs in December, higher than analyst expectations. The The S&P 500 rose by 0.2%, the Dow Jones Industrial Average climbed 0.1% and the Nasdaq Composite gained 0.1%.
  • A rally in tech stocks drove a rebound in US equity markets in Monday’s session. The S&P 500 rose by 1.4%, the Dow Jones Industrial Average climbed 0.6% and the Nasdaq Composite gained 2.2%.
  • US equity markets saw mixed performance in Tuesday’s session with blue-chips Amazon.com and Alphabet advancing leaving the tech-heavy Nasdaq Composite up by 0.1%. The S&P 500 fell by 0.2%, the Dow Jones Industrial Average retreated by 0.4%.
  • US equity markets saw a recovery in performance in Wednesday’s session ahead of CPI and initial jobless claims data later today. The S&P 500 rose by 0.6%, the Dow Jones Industrial Average advanced by 0.5% and the Nasdaq Composite was up by 0.8%.

Crypto market highlights

  • Glassnode reports that with BTC surpassing the $46,000 mark, over 90% of Bitcoin-holding addresses are now in profit. This figure was last seen in November 2021., ~78% of wallets holding Ethereum are also in profit.
  • Crypto market sentiment analysis of the Fear & Greed Index shows that the market is currently in extreme greed at 76. Last week’s reading recorded Greed at 71 and last month saw a rating of Greed at 74. The rating reflects a degree of FOMO despite the SEC’s recent ignition of its “ No Go to FOMO” campaign.
  • Ahead of market speculation on the approval of Bitcoin’s spot ETF, the CVI (Crypto Volatility Index) has recorded its highest level at 75.36 in over a year. This level was last seen in November 2022.

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