Bitcoin Gains 3%, Solana Up 6.9% Ahead of Jupiter Airdrops

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31 Jan 2024

Bitcoin gained 3% overnight as investors look ahead to the U.S. Federal Reserve's announcement on interest rates Wednesday.

By Stacy Elliott

Jan 30, 2024

3 min read
Image created by Decrypt using AI

Bitcoin gained 3% overnight as markets look ahead to the U.S. Federal Reserve's interest rate announcement on Wednesday. The hope is that the U.S. Federal Reserve will leave interest rates unchanged, but that comments from Fed Chairman Jerome Powell will hint at lowering interest rates later this year.

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At the time of writing, Bitcoin is trading for $43,439. That's 11% higher than it was a week ago. Last week Bitcoin ran into some headwinds as Grayscale Bitcoin Trust (GBTC) investors—recently unlocked as the fund was converted into a spot Bitcoin ETF—sold off shares. When the shares were sold, the issuer sold off large swaths of the BTC backing those shares and created a lot of downward pressure on Bitcoin's price.
But European digital asset manager CoinShares has said there are signs that GBTC selling has slowed down. Even so, crypto funds lost $500 million worth of cash to withdrawals last week.
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Bitcoin Funds Lose $480 Million in a Week, But Grayscale Withdrawals Slowing

A lot of cash left big Bitcoin funds in the last seven days—which could explain the dip that BTC and most other digital assets took last week. The good news? Outflows from the largest fund, Grayscale, are now slowing down, according to European digital asset manager CoinShares. Investors have been fast redeeming their Grayscale holdings since the product converted to an exchange-traded fund (ETF) earlier this month. This led to the price of Bitcoin (BTC) to drop hard as the fund shifted its cry...
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Markets

2 min read
Mat Di Salvo
Jan 29, 2024

Meanwhile, SOL, the native token of the Solana ecosystem, started the day at $104.23—back above the $100 mark for the first time since January 18. All told, Solana has picked up 6.9% in the past day as trading volumes on liquidity aggregator and decentralized exchange Jupiter surge ahead of the airdrop of its JUP token. There's nearly 1 million wallets eligible to claim the token starting on January 31.
The JUP community has been waiting for the DEX to set a date for its tokens airdrop for a long time. And now Jupiter, which has also rolled out its Jupiter Launchpad, is also preparing an airdrop of the Ovols meme coin.

The Ovols team hasn't said exactly when the airdrop will begin, but hinted that it will take place this week.
The Solana community also just saw the conclusion of the WEN token airdrop on Monday. With $35 million worth of tokens left on the table, the WEN price took a wild ride. It plunged 23% after the airdrop concluded as the unclaimed tokens were burned.
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At the time of writing, WEN is trading for $0.0001247—down 21% from yesterday.

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Bitcoin History Rhyming: Why Analysts Are Still Bullish on BTC

It's impossible to know if Bitcoin has hit its peak in real time, but dead simple to figure it out in hindsight. That's why there are so many analysts comparing current price charts to old ones and invoking a famous Mark Twain quote. On Wednesday morning in Europe, Bitcoin was trading for around $42,560. That's a 2.3% drop from the same time yesterday, but 6% higher than the BTC price a week ago, according to CoinGecko data. The narrative around prices at the start of the week was that Bitcoin w...
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Markets
3 min read
Stacy Elliott
Jan 31, 2024

Solana Network Activity Surges as Crypto Traders Turn Bullish on SOL

Solana is having a strong week with SOL up 25% over the past seven days, popping back above the $100 mark after dipping below $80 last week. The latest revival comes amid surging network activity ahead of Wednesday’s Jupiter token airdrop. According to data from CoinGecko, Solana has ticked up about 2% on the day to a current price of about $103. While still far from the 2021 peak price of nearly $260, Solana has bounced back from the lows of late 2022 when it sank down near $8. It’s up 333% ove...
News
Markets
2 min read
Andrew Hayward
Jan 31, 2024

Is Grayscale Done Selling Bitcoin? Withdrawals Drop by Over Half to $200 Million

After moving markets with its shuffling of Bitcoin holdings, Grayscale has significantly slowed its BTC outflows down, according to blockchain analysts. In a Tuesday post on Twitter, Arkham Intelligence dropped figures showing that Grayscale had offloaded over 4,400 BTC to its custodian Coinbase over the past day. The price of that much BTC right now stands under $200 million. But that latest offloading was “less than half of the average daily volume last week.” Flows from Grayscale today wer...
News
Markets
2 min read
Mat Di Salvo
Jan 31, 2024

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