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Crypto Market Daily Highlights: The NASDAQ Sends the Market South

Skylar Shaw

Jan 31, 2023 16:23

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The top ten cryptocurrency index had a gloomy session on Sunday. SOL blazed a trail below. For the first time in six sessions, BTC finished the day below $23,000.


On Monday, FTX Court updates were less frequent. Fed anxiety grabbed the global financial markets after momentarily divorcing from the NASDAQ Index, driving both the NASDAQ Index and the cryptocurrency market into the red.


Although tomorrow's 25-basis point Fed interest rate rise is the market's bet, concerns over Fed Chair Powell's future guidance weighed. Although US inflation may have decreased, the job market is still quite tight.


The US unemployment rate is at 3.5%, significantly below the Fed's 5% mandate, giving the Fed space to raise rates for a longer period of time.


The NASDAQ Index fell by 1.96% on Monday. Tech stocks were under pressure ahead of a major earnings week, with results being released this week from Apple (AAPL), Amazon.com (AMZN), and Alphabet Inc. (GOOGL), as Fed uncertainty gripped the market. Optimistic forecasts and a hawkish Fed would be pessimistic. The NASDAQ mini gained 26 points this morning.


Today's NASDAQ and larger crypto market will be influenced by US economic statistics and public opinion of the Fed. Investors should keep an eye on the cryptocurrency news wires, however, for any developments on FTX, Genesis, the SEC v. Ripple lawsuit, and other events that could affect the market.


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