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Bitcoin gained almost 10% last week, climbing above $43,000 in anticipation of tomorrow’s Fed rate decision . Venture capital firm Tagus Capital stated in its daily newsletter that the U.S. Central Bank is expected to maintain rates, which may boost interest in BTC and exchange-traded fund related to BTC. Altcoins SOL, and AVAX led the recent crypto rally with gains of 27% and 25 % in the last seven days. Alex Kuptsikevich said that altcoins have been performing well over the last six days, which is creating optimism and preparing bitcoin to test $46,000. The outperformance of major altcoins indicates a broader interest in the market than just the two largest coins.

Binance allows large traders to store their assets in independent banks , according to the Financial Times. Previously traders were required to hold assets on the exchange, or with Ceffu as its custodial partners, but they can now choose crypto-friendly institutions like Swiss banks Sygnum and FlowBank. Users may be concerned about Binance’s regulatory disputes in the U.S. which resulted in a $4.3 billion penalty in November. This was a response to the bankruptcy of rival exchange FTX a few months earlier. The head of a crypto-trading firm quoted by the FT said, “I would rather keep my money in a Swiss bank instead of Binance.”

Portal, a bitcoin-based decentralized platform, has raised $34m in seed funding to exit stealth mode. The round was led by Coinbase Ventures with Arrington Capital and Gate.io. Portal’s goal is to provide a decentralized platform for peer-topeer bitcoin swapping across multiple blockchains. This will eliminate the need for intermediaries like wrappers, bridges, or centralized exchanges that increase the risk of hackers. The size of this funding round indicates both the improved prospects of raising capital for the crypto industry following a difficult couple of years, and the growing interest of DeFi users in bitcoin.

Chart of the Day

COD FMA Jan. 30, 2024 (TradingView)(TradingView)

  • The MACD Histogram is a momentum indicator that shows the daily changes in the price of solana.
  • SOL has broken through a trendline that characterized a minor pullback in price. The MACD has also crossed above zero, indicating a renewed bullish momentum.
  • Fairlead Strategies wrote in a Monday note that a daily MACD “buy” signal showed a positive change in short-term momentum. There was also room for short-term overbought territories, which would support a follow-through towards the December high.
  • TradingView

Omkar Godbole

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Sheldon Reback is the editor.