Speculation Ignites Over Bitcoin, FOMC Meeting, and Jupiter Exchange

The crypto world saw another week of significant progress, with Bitcoin’s price swings, the Federal Reserve’s consistent rate policy, and the stir around Jupiter Exchange’s JUP token drawing immense interest from enthusiasts globally.

Highlighting some of the focal stories in the space:

Bitcoin Fluctuates Around $43,000 Mark

The pioneering cryptocurrency, Bitcoin, exhibited considerable fluctuations this past week, capturing the attention of the international community. The emergence of spot Bitcoin ETFs has created ripples in the market, shaping Bitcoin’s valuation as exchanges traded the highly volatile token in the light of these ETFs, affecting their market presence directly.

Additionally, Markus Thielen of 10x Research reversed his previous projection of a drop to $38K, now suggesting a possible surge toward $50K. Meanwhile, the Federal Reserve’s decision to hold rates stable has encouraged a continued investment flow into the cryptocurrency sector within the U.S.

Moreover, Bitcoin outflows saw nearly half a billion dollars leave the market this week, coinciding with a slowdown in outflows from Grayscale.

Further Reading: FTX Targets Quick Offload of Its $1.4 Billion Anthropic Position

Fed’s Steady Hand on Interest Rates

Creating a buzz in financial circles, the Federal Reserve has reiterated its position to not alter interest rates for the fourth consecutive session, holding them between 5.25% and 5.50%. This decision comes amid efforts to tackle inflation that remains above the Fed’s 2% goal. The crypto markets reflect a steady sentiment as investment interest persists.

Also, Visit: Kenosha Police Issue Bitcoin ATM Scam Alert

Spotlight on Jupiter Exchange and JUP Token

Jupiter Exchange’s native token, JUP, has sparked interest in the trading community against the backdrop of the crypto market’s broader movements. The Defi exchange built on Solana promised more airdrop events this week, drawing significant market focus. Impressively, the exchange’s volume has reportedly eclipsed that of Uniswap V3 in a 24-hour frame, citing metrics from CoinGecko.

The founder of Jupiter Exchange, known as Meow, illuminated a judicious token model this week, emphasizing caution due to JUP’s drastic market swings and tactical listings. In parallel, Binance, the premier cryptocurrency exchange, announced its intention to list JUP, providing additional momentum as its trade volume reached $630 million. To align with this expansion, JUP began trading against USDT, FDUSD, and TRY from 15:30 UTC on January 31.

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