Cryptocurrencies Surge Ahead of Fed Decision as Bitcoin Exceeds $102,000:
Cryptocurrencies rallied on Wednesday despite investor caution ahead of the Federal Reserve’s interest rate decision.
Bitcoin recorded gains surpassing $102,000, while Ethereum, Ripple, and Dogecoin also rose.
Meanwhile, the “Trump” token saw a decline.
Contents:
U.S. Oil Inventories
Chinese Demand Slowdown
Cryptocurrencies Surge Ahead of Fed Decision
Cryptocurrencies saw gains during Wednesday’s trading session despite
cautious market sentiment ahead of the Federal Reserve’s interest rate decision.
Bitcoin surpassed $102,000, with Ethereum, Ripple, and Dogecoin rising, while the “Trump” token declined.
Daily trading volume in the crypto market dipped amid expectations that the Fed would maintain interest rates.
In a significant development, the Czech National Bank announced that it is considering investing 5% of its reserves in Bitcoin.
Additionally, Bitwise filed to launch a Dogecoin exchange-traded fund (ETF).
Meanwhile, Matrixport predicted a 20% rise in Bitcoin’s price during the Chinese Lunar New Year holiday,
citing past years’ positive performance trends.
U.S. Oil Inventories Rise Amid Declining Distillate Stockpiles and Stable Prices
According to the American Petroleum Institute (API), U.S. crude oil inventories increased by 2.86 million barrels last week.
However, stockpiles at the key storage hub in Cushing, Oklahoma, fell by approximately 144,000 barrels.
API data also revealed a 1.89 million-barrel increase in gasoline inventories,
while distillate stocks—including diesel and heating oil—declined by 3.75 million barrels for the week ending January 24.
Oil prices climbed at Tuesday’s close in energy markets.
Brent crude futures for March delivery rose 0.55% to $77.49 per barrel,
while U.S. WTI crude futures for March gained 0.8%, settling at $73.77 per barrel.
Chinese Demand Slowdown Pressures European Luxury Goods Stocks
European luxury goods stocks declined on Wednesday after LVMH’s earnings report indicated a slowdown in consumer spending in China,
reflecting caution amid weakening economic growth.
LVMH shares fell by more than 5%, while shares of Kering and Christian Dior saw similar declines.
Despite LVMH reporting better-than-expected revenues of €84.68 billion for 2024,
sales in Asia—particularly in China—showed significant deceleration, negatively impacting the entire luxury sector.
Cryptocurrencies Surge Ahead of Fed Decision as Bitcoin Exceeds $102,000