Bitcoin Falls on Inflation Data That Exceeds Expectations
Bitcoin fell 1.3% to $94,081 after January inflation data in the US exceeded expectations. The Consumer Price Index (CPI) increased by 3.0% on an annual basis, exceeding expectations of 2.9%, while core inflation exceeded the projected 3.1% at 3.3%. This data created a sell-off in the crypto market. Fed Chair Jerome Powell emphasized that the current monetary policy stance is sufficiently restrictive and that there will be no rush to cut interest rates. However, higher-than-expected inflation increased the possibility that interest rate cuts may be postponed. This has weakened Bitcoin’s inflation-proofing narrative, while the Crypto Fear & Greed Index has returned to “fear” territory.
WLFI Launches Macro Strategy Reserve
Donald Trump-linked World Liberty Financial (WLFI) has announced a strategic token reserve called Macro Strategy, with the aim of supporting the integration between traditional finance and decentralized finance (DeFi). The move will allow WLFI to diversify its crypto assets and invest in leading digital assets like Bitcoin and Ethereum. The company stated that the Macro Strategy reserve will provide a layer of security against market volatility, spur growth, and instill confidence in the crypto ecosystem. WLFI announced that it will share details about the reserve on its governance forum to increase community engagement and enable investors to participate in the process. WLFI’s current assets include TRON, Wrapped Bitcoin, Staked Ethereum, USDT, Chainlink, Aave, and ONDO.
Trump Says Putin, Zelenskyy Want Peace
Donald Trump said he met separately with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy and that both leaders want peace. Trump instructed senior US officials to begin talks to end the Ukraine war. Trump said they discussed the possibility of a ceasefire in his hour-long meeting with Putin. The Kremlin announced that Putin and Trump agreed to meet and that Putin invited Trump to Moscow. Trump said the first meeting would likely take place in Saudi Arabia.
Trump Picks Former Bitfury Executive Jonathan Gould as OCC Head
Donald Trump has chosen former Bitfury executive Jonathan Gould to head the Office of the Comptroller of the Currency (OCC), which oversees the US banking sector. Gould previously served as general counsel at Bitfury, a provider of bitcoin mining hardware and blockchain infrastructure services. He also served as senior vice president and general counsel at the OCC. The Trump administration is aiming to restructure financial institutions. The OCC is planned to be merged with the Federal Deposit Insurance Corporation (FDIC) and merged into the Treasury Department. Trump has also been taking a more positive approach to the sector by appointing crypto-friendly regulators to key roles.
Major Step for Solana Staking ETF in Canada
Canadian digital asset manager 3iQ has selected Sol Strategies as the staking provider for its Solana Staking ETF, which is set to list on the Toronto Stock Exchange. The company’s CEO Pascal St-Jean said that Sol Strategies’ infrastructure and compliance framework meet institutional standards. 3iQ aims to expand the crypto ETF market by applying for an XRP ETF in addition to the Solana Staking ETF. Bloomberg analysts predict a 70% chance of spot Solana ETF approval in the US. Sol Strategies CEO Leah Wald emphasized that this collaboration demonstrates the growing interest in institutional staking solutions and offers regulated staking opportunities to traditional investors.
Franklin Templeton Moves FOBXX Fund to Solana
Asset management giant Franklin Templeton has moved its Franklin OnChain US Government Money Fund (FOBXX) to the Solana network as part of its on-chain investment product strategy. The fund, which was previously active on the Stellar, Base, Aptos and Avalanche blockchains, will now also be traded in the Solana ecosystem. FOBXX operates as a fund that invests in US government bonds and targets a fixed price of $ 1. As the growth in the tokenization space accelerates, major investment firms such as BlackRock, Fidelity, and WisdomTree are also turning to on-chain investment products. Franklin Templeton, which has managed $594 million in tokenized treasury bonds to date, stands out as one of the major players who entered Solana early.
SEC May Recognize Grayscale XRP ETF Application
It is reported that the SEC may recognize Grayscale’s XRP ETF application on Thursday. The ongoing legal battle over whether XRP is a security may affect the outcome of the application. The court previously ruled that XRP is not a security in individual investor sales, but it is in institutional sales. While the SEC is appealing this decision, Ripple is also continuing its defense and plans to move the case to 2025. In addition to Grayscale, major fund managers such as WisdomTree, Bitwise, and 21Shares have also filed XRP ETF applications. However, the approval process is expected to be delayed due to legal uncertainties. Litecoin ETF is considered to have a higher chance of approval.
21Shares Ethereum ETF Staking Move
Cboe BZX Exchange has filed a regulatory change application with the US Securities and Exchange Commission (SEC) to allow staking of the 21Shares Ethereum ETF. Bloomberg analyst James Seyffart stated that this is the first ETF application that includes staking. In the 19b-4 form submitted by the exchange on Wednesday, it was proposed that Ethereum be allowed to be staked within the scope of the ETF. Now, the SEC’s decision on this change is awaited. If approved, investors will be able to earn staking returns on the Ethereum ETF.
Robinhood’s Crypto Revenue Soars 700%
Bitcoin’s $100,000 surpass and its product expansion strategy have seen Robinhood’s crypto trading volume increase 400% to $70 billion. The company’s crypto trading revenue increased 700% to $358 million, while total trading revenue increased 200% annually to $672 million. Robinhood’s crypto volume, which had been declining for most of 2024, has rebounded as the Bitcoin rally and regulatory uncertainty have waned. The company added seven new cryptocurrencies to its U.S. platform, introduced Ethereum staking in Europe, and announced Bitcoin futures. CEO Vlad Tenev emphasized that crypto regulations should be clarified, while arguing that equity tokenization could offer more opportunities to small investors.
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BITCOIN (BTC)
BTC is priced at $ 96,780 as of the morning hours, down 1.11%. While there is a strong supply zone (red area) in the range of 109,000 – 112,000 on the upper side, the level of 102,451.99 stands out as a significant resistance point below. The price has been rejected from these levels and has entered a downtrend. BTC is currently trading at 96,927.20 and is moving just above the critical support level of 96,060.85. If this support level cannot be maintained, the 91,370.06 level will be a strong support level below, where the price may try to hold on. On the other hand, if the price maintains its stability above the 96,000 level and gains upward momentum, a recovery towards the 102,451.99 level can be expected. However, the 98,000 – 100,000 levels should be monitored as intermediate resistance. For the rise to continue, the 102,500 level must be broken.
ETHEREUM (ETH)
ETH is priced at $ 2.2710 as of the morning hours with a 1.00% loss in value. While the 3,220.55 level stands out as a critical resistance point, there is a large supply zone (red area) above at 3,829.69. The price entered a downtrend after being rejected from these zones. ETH is currently traded at 2,716.25, and the nearest support level is the 2,676.44 region. If this support level cannot be maintained, the 2,461.59, 2,338.99 and 2,168.07 levels should be monitored as potential support areas in downward movements. Breaking these levels could increase selling pressure. On the other hand, if the price stays above the 2,676 level, it could increase the possibility of an upward movement continuing in the short term. If ETH climbs to the 2,800 – 2,900 levels again, a movement towards the strong resistance zone of 3,220.55 could be observed. However, a high volume breakout will be required to overcome this level.
RIPPLE (XRP)
XRP is priced at $ 2.46 as of the morning hours, losing 0.55%. In this chart, XRP/USDT price movements are analyzed within the framework of determined support and resistance levels. While the 3.2000 level stands out as a strong resistance point, there is an important supply zone (orange area) in the range of 2.8716 – 2.7220. After previously testing this zone, the price entered a strong selling wave and exhibited a downward movement. Currently, XRP is trading at 2.4689 and is in a consolidation phase between 2.3000 – 2.5000. This area (blue area) has historically acted as a support area where the price reacted and buyers stepped in. If the price continues to stay above this zone, the upward movement may continue and an increase towards the 2.7220 level may be observed.
AVALANCHE (AVAX)
AVAX is trading at $ 25.87 as of the morning hours with a 2.34% loss in value. While the 45.80 level is determined as a strong resistance point on the upper side, the 42.06 level below draws attention as a critical resistance area. After testing the 42.06 level before, the price experienced a sharp selling wave and entered a downtrend. AVAX is currently trading at 25.85 and has recently recovered from the 21.88 level and is showing an upward trend. The nearest resistance level is set at 28.77. If the price breaks this level, the next targets could be 32.95 and 35.63. In the downside scenario, if the price drops below 25.00, a move towards the 21.88 support could occur again. This region is a critical support area and a strong reaction from here is expected.
SOLANA (SOL)
SOL is priced at $ 195.03 as of the morning hours with a 0.90% loss in value. While the levels of 229.30 and 245.52 stand out as important resistance areas, the price entered a downtrend after approaching these levels. Currently, the price is traded at 195.09 and is moving close to a critical support area. The level of 201.83 is seen as a short-term resistance on the chart. If this level is broken, the price may reach the liquidity zone in the 210-220 band (blue area). Breaking this zone may create the possibility of a larger recovery and start a move towards the 229.30 level. However, the price is stuck in the 195-200 range, where there is a demand zone (orange area). If the price drops below 195.00, there may be an increase in selling pressure and a pullback to the 180-170 region.
