Daily market Brief

May 2, 2024

Daily Market Brief 240502

Peter Chung
Min Jung
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  • During the European hours, $BTC experienced a notable sell-off, dropping to $56,671, the lowest level since the February-end. During the FOMC briefing, $BTC briefly rallied from $57k to above $59k as Powell signaled that the Fed’s next move will unlikely be an interest rate hike. Since then, $BTC lost some momentum and is now trading at $58,331.

  • As anticipated, the FOMC unanimously decided to maintain benchmark rates unchanged at 5.25-5.50%, Additionally, the Fed announced its intention to decelerate the pace of quantitative tightening starting on June 1st, partly to alleviate pressure on money-market rates.

  • Apart from the FOMC, significant headlines include Tether’s Q1 release reporting over $4.52 billion in profit, Roger Ver’s arrest in Spain, and CZ receiving a four-month prison sentence.

  • During the last 24 hours, the top gainers were $OP, $DOT, and $HBAR, while the biggest losers were $TON, $CRO, and $OKB.

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Peter ChungHead of Research
Min JungResearch Analyst