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Market News Bitcoin Recoups Losses Amid Stock Difficulties and ETF Optimism Due to Fed Uncertainty

Bitcoin Recoups Losses Amid Stock Difficulties and ETF Optimism Due to Fed Uncertainty

Amid Fed uncertainty and ETF optimism, Bitcoin rises, while the Nasdaq descends for the fifth consecutive day.

TOP1 Markets Analyst

2024-01-05

11808

Bitcoin has reportedly reversed the losses it sustained earlier in the week, whereas equities have struggled to maintain their momentum from the fourth quarter. This is attributed by analysts to the Federal Reserve's ambiguity regarding the rate at which it will reduce interest rates in 2024 and their optimism regarding the approval schedule for a bitcoin exchange-traded fund (ETF). Thursday morning, BTC was trading 1.5% higher over the previous twenty-four hours, regaining ground after falling as much as 8% on Wednesday. Ether returned to the green on Thursday, gaining about 2%.

As the trading session began on Thursday, the Nasdaq Composite was poised to record its fifth consecutive day of losses, whereas the S&P 500 maintained a sideways movement. Since the beginning of the year, the Nasdaq Composite has declined 2.3%, while the S&P 500 has fallen 0.8%. The Dow Jones Industrial Average has remained relatively stable since the first trading day of 2024, gaining 0.3% on Thursday morning.

Analysts ascribe the decline to the Federal Reserve's uncertainty regarding the number and timing of potential rate cuts in 2024, as evidenced by the minutes of the December Federal Open Market Committee, which were made public on Wednesday. The committee members indicated that there is a possibility of three reductions taking place this year; however, further actions will be determined in light of the economic situation. Fed Funds Futures continue to anticipate six 25-basis-point reductions in 2024, commencing in March, as reported by CME Group.

The decline in Bitcoin on Wednesday occurred concurrently with a report released by Matrixport, a financial services firm, which raised doubts regarding the probability of an ETF receiving approval this month. The Democratic-dominated decision-makers of the US Securities and Exchange Commission, according to Matrixport analysts, would not support a spot bitcoin product. Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, continue to demand a 90% chance that the SEC will approve spot bitcoin ETFs prior to January 10.