Bitcoin ETF, Ether's Potential, and Meme Coin Market Update
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Market Overview: January 9th, 2024
Today's "Markets Daily" podcast features an interview with Riyad Carey of Kaiko Research. We discuss potential ether price movements, the meme coin market, and noteworthy upcoming airdrops.
Key Market Data (8 AM ET):
- Bitcoin (BTC): Traded up 2.4% at $46,221, exceeding $47k on Monday for the first time since April 2022.
- Ether (ETH): Roughly flat at $2,265.
- Helium (HNT): Up 27%.
- NASDAQ: Up 2.2%.
- S&P 500: Up 1.4%.
- Brent Crude: $77.82 per barrel.
- Gold: $2,034 per ounce.
Bitcoin ETF Anticipation and Market Reaction
With the SEC deadline for the spot Bitcoin ETF looming, the market mirrored last week's pattern: initial price increases stalled around $47,000, indicating potential resistance and reduced liquidity.
Riyad Carey's insights: Volatility is key. Early trading volumes after a potential approval will be crucial, potentially indicating either a pullback or significant rally depending on the scale of inflows.
Top 3 Assets to Watch
While Riyad Carey avoids making specific investment predictions, he highlights the following as noteworthy:
- ETH: A potential rebound if the Bitcoin ETF is approved. The ETH/BTC ratio is at multi-year lows.
- SOL: Robust trading volume despite recent price stagnation, suggesting potential for increased volatility.
- Celestia and Sei: Representing new functionalities and potentially benefiting from the next-generation blockchain narrative.
Solana's Meme Coin Market and Airdrops
Low gas fees on Solana fuel the active meme coin market. Airdrops, like the anticipated one from Jupiter, are anticipated to trigger further rallies.
Upcoming Airdrops Beyond Solana
Significant upcoming airdrops include EigenLayer and those related to Ethereum layer-2s like zkSync Era, Linea, and Scroll.
Bitcoin's Potential Price in a Year (If ETF Approved)
Riyad Carey believes that a successful ETF approval would likely result in strong positive price movement for Bitcoin, boosted by increased mainstream exposure and marketing efforts from major financial institutions. The exact price, however, remains subject to broad macroeconomic conditions.
Note: This transcript has not been edited and may contain errors.
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