Crypto markets stay strong dis year, wit’ investors pushing up digital assets even though da industry face challenges. Bitcoin, da bigges’ crypto by market value, almost reach $24,000 las’ night and gain ’bout 45% so far dis year, accordin’ to CoinDesk. A couple weeks ago, Goldman Sachs find dat dis crypto stay da best performin’ asset so far dis year.
Ether, da second biggest crypto by total market cap, hit ovah $1,660 on January 21st and climbed ’bout 40% since da start of dis year, ac’rding to more CoinDesk info.
Des’ impressive gains stay spread all ova da bigger crypto market, wit’ ova 35% gain since January 1, ac’rding to CoinMarketCap. Dis upside happen aftah bitcoin drop 65% las’ year, as CoinDesk Research’s 2022 Annual Crypto Review shows, and da total value of da crypto markets go down ’bout 66%, as CoinMarketCap figures show.
What helped push da recent markets
Monetary tightenin’ been makin’ lots of news ovah da las’ year, wit’ da Fed increasin’ da target for its main funds rate by 425 points since March. But some market watchers predict dat dis central bank gonna slow down on da rate hikes.
If da Fed slow down da monetary tightenin’ pace, or lower da main rate, it could be good for risk assets like crypto and stocks, and if investors believe dis slow down goin’ happen, it could turn out good for da market.
Da January Effect
Earlier dis month, wen one Bloomberg article ask if da “January Effect” – where small stocks do bettah den big wan’s at da start of da year – had anytin’ to do wit crypto goin’ up dis month.
FTX mess make da crypto market crash fast and da bottom come. Even wit all da bad news, peeps could see it as chance to buy low and get more digital assets. Da way it connected to da stock market still strong and stocks make big moves dis month too.
Bitcoin stay green four weeks straight, last time was August 2021, 18 months ago. Also, dis January get the biggest monthly gain since December 2020