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Good day, we are delighted to share another market update generated by the team at Secure Digital Markets!
Over the past 24 hours, Bitcoin (BTC) has experienced modest volatility. After reaching an intraday high of $98,508, BTC retraced to a low of $96,632 and is currently trading at approximately $97,019, reflecting a slight decrease of 0.24% from the previous close.
Ethereum (ETH) has shown relative stability, with an intraday high of $2,722.37 and a low of $2,632.04. It is currently trading at $2,660.36, marking a marginal increase of 0.026% from the prior close.
Solana (SOL) faced a downward trend, hitting an intraday high of $205.83 before declining to a low of $198.11. It is now priced at $199.79, down 1.68% from the previous close.
In the broader market, investors are keenly awaiting the upcoming U.S. inflation report. Economists forecast a 2.9% year-over-year increase in the January Consumer Price Index. A higher-than-expected inflation rate could influence Federal Reserve policies, potentially impacting cryptocurrency markets.
Additionally, JPMorgan reports that while the total cryptocurrency market capitalization rose by 8% last month to approximately $3.4 trillion, the growth of the crypto ecosystem has decelerated, with total trading volumes decreasing by 24%.
On the regulatory front, the U.S. has established a new crypto task force, and the controversial accounting rule SAB 121 has been rescinded, signaling potential positive developments for the crypto industry.
BTC is currently testing key support at $96,000, with resistance forming around $99,500. A decisive break above resistance could open the door to $102,000, while losing support may see BTC retest the $92,000 zone. Meanwhile, market sentiment remains cautious ahead of the U.S. inflation report, which could impact liquidity flows into risk assets like crypto. Regulatory shifts, including the repeal of SAB 121, are also shaping the narrative, potentially paving the way for broader institutional participation.
The News Room
Sol Strategies Named Staking Provider for 3iQ’s Proposed Solana Staking ETF in Canada
3iQ Corp. has selected Sol Strategies as the staking provider for its proposed Solana Staking ETF, pending approval from Canadian regulators. 3iQ, which manages $1 billion in assets, filed preliminary prospectuses on Jan. 28 to list the Solana Staking ETF and an XRP ETF on the Toronto Stock Exchange, which would be the first ETFs globally to offer exposure to SOL and XRP. The move aligns with growing institutional interest in regulated staking solutions. Sol Strategies, which holds 189,968 SOL (~$38M), sees the partnership as a milestone for institutional Solana staking.
Bank of England Chief Calls for Strict Stablecoin Regulations, Continues UK CBDC Exploration
Bank of England Governor Andrew Bailey emphasized the need for a “high bar” of regulation for stablecoins, distinguishing them from Bitcoin, which he labeled a pure investment risk rather than money. Speaking in London, Bailey noted that stablecoins perform monetary functions, making their regulation crucial, especially in payments. He also confirmed that the BoE is still exploring a UK central bank digital currency (CBDC) in collaboration with the government, citing the need to embrace digital technology in payments. The BoE plans to launch a "Digital Pound Lab" later this year as part of its ongoing CBDC research.
North Carolina Lawmakers Introduce Bill to Permit State Investments in Crypto
North Carolina lawmakers have introduced HB92, the Digital Assets Investments Act, which would authorize the State Treasurer to invest in Bitcoin exchange-traded products. The bill, co-sponsored by Speaker Destin Hall, sets a 10% cap on crypto investments and requires assets to have a $750 billion market cap, a threshold currently met only by Bitcoin. Hall emphasized the bill aligns with President Trump’s vision for a national Bitcoin stockpile. Similar initiatives have been introduced in Texas, Pennsylvania, Ohio, and Oklahoma, reflecting growing state-level interest in Bitcoin investments.
ETF Flow
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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