Daily News | Nasdaq Notches Best Week Since November, Crypto Surged On Sunday, Fed, ECB, BOE to Take Action This Week

2023-01-30, 02:23

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![](https://gimg2.gateimg.com/blog/166563293266894988220221013-114826.jpeg)

## TL; DR

🥂 Good morning, today is **Monday, Jan. 30, 2023.** Hope you guys had a good weekend! ****It’s going to be yet another great day. Let’s get after it relentlessly.

**Macro:** Nasdaq Notches Best Week Since November, The Fed, ECB and BOE to Hike Interest Rates This Week

**Crypto:** Crypto Market Rises as [Bitcoin](https://www.gate.io/trade/BTC_USDT) and Ether Surge, Solana Outshines the Top 20 Coins with 9% Rise

****Topic of the Day:**** Floki Inu Skyrockets as Community Votes on Token Burn

**Notable Headlines:** Yuga Labs' game Dookey [Dash](https://www.gate.io/trade/DASH_USDT) is a hit with over 4 million plays and $40 million in NFT trading volume; Uniswap won 0xMonaco, a web3 dev gaming competition hosted by MatchboxDAO; U.S. prosecutors want to stop former FTX CEO from speaking to potential witnesses through encrypted messaging apps…

## Macro at a Glance: Nasdaq Notches Best Week Since November, The Fed, ECB and BOE to Hike Interest Rates This Week

Asian stock markets are expected to increase on Monday, with the reopening of Chinese markets poised near a bull market, as traders anticipate a slower pace of interest rate hikes from the Federal Reserve later in the week.

US stocks rose on Friday, ignoring disappointing tech company outlooks, leading to a 1% increase in the Nasdaq 100. Futures for Japan and rising Australian shares suggest early gains.

The tech resurgence of the new year saw the Nasdaq 100 have its best week since November, with Tesla and Meta Platforms increasing by 3% or more.

The Fed is predicted to decrease interest rates to 0.25% amid slowing inflation, while the European Central Bank and the Bank of England are expected to hike by a half basis point.

The yuan is slightly higher, while COVID cases haven't spiked during the Lunar New Year and consumption signals suggest economic recovery.

Bond yields were slightly higher in Australia and slightly lower in New Zealand. Treasury Secretary Janet Yellen acknowledged the economy's risk of recession but was encouraged by recent data on inflation and jobs.

## Crypto Daily Digest: Crypto Market Rises as [Bitcoin](https://www.gate.io/trade/BTC_USDT) and Ether Surge, Solana Outshines the Top 20 Coins with 9% Rise

After rising 7.56% in a single day to 22,667 on Jan. 21, [Bitcoin](https://www.gate.io/trade/BTC_USDT) struggled to rise for the next six days. However, yesterday, both BTC and ETH surged a respective 3.13% and 4.58%, leading the entire crypto market on a rise.

The sudden volatility may have had to do with traders’ anticipation of this week’s inflation data release from the Fed, BOE, and ECB.

In related news, a survey shows that institutional investors expect “a strong year ahead for [Bitcoin](https://www.gate.io/trade/BTC_USDT)” and are confident about the cryptocurrency’s long-term valuation. In addition, 65% of institutional investors surveyed agree that [Bitcoin](https://www.gate.io/trade/BTC_USDT) could reach $100,000.

Meanwhile, Ethereum has reached a new staking record with 15.9 million ETH staked, worth $25.3 billion, accounting for over 13% of total ETH supply. Staking activity remains steady with higher inflow and new depositors in January. The rise in staking may be due to the recent increase in Ethereum's value and upcoming Shanghai Upgrade. Staking rewards decrease as more ETH is staked, with current APY around 5%. Staking through centralized exchanges may result in lower rewards.

Among the top 20 coins, Solana stands out with a 9.05%. Looking closely at SOL’s prices, last week had been a roller coaster ride with a range of ups and downs between 20%.

**Top 20 Coins Performance** 🌐

**BTC** +3.16% at 23,728; **ETH** +4.22% at 1,640.

**BNB** +3.72% at 317; **XRP** +1.26% at 0.413; **DOGE** +2.37% at 0.0901.

**ADA** +3.83% at 0.395; **MATIC** +3.52% at 1.17; **DOT** +3.70% at 6.6.

**TRX** +0.76% at 0.0637; **SHIB** +2.34% at 0.0000121; **LTC** +2.44% at 94.6.

**SOL** +9.05% at 26.07; **UNI** +5.01% at 6.93; **AVAX** +2.54% at 20.79.

**ATOM** +5.57% at 13.81; **GT** -2.6% at 4.3232.

## Topic of the Day: Floki Inu Skyrockets as Community Votes on Token Burn

The dog-themed meme cryptocurrency, Floki Inu, experienced a significant increase in value following a community proposal to burn $55 million worth of its tokens.

According to TradingView, Floki Inu was trading at $0.000012, up 14% at 12:06PM UTC.

The token's price boost was a result of the ongoing vote on the community proposal. The Decentralized Autonomous Organization (DAO) behind Floki Inu is proposing to burn 4.97 trillion tokens, worth approximately $55 million, as part of a DeFi overhaul which includes reducing its transaction tax.

### **Floki Inu (FLOKI) $0.0000232550 (-1.15%) - Neutral Outlook**

**Overview:**

- ***Closest daily support zone: 0.000020633 - 0.000019675***
- ***Closest daily resistance zone: 0.000022289 - 0.000023501***
- ***Key Level: 0.0000254000 (Monthly Low of Mar. 2022)***

![](https://gimg2.gateimg.com/image/article/1675059416Untitled0130.png)

FLOKI was trading up 14% as the community votes on a proposal that will burn $55 million worth of its own tokens. On Saturday, it jumped nearly 100%. For FLOKI to remain on a positive trajectory, its price must close above 0.0000254000 (Monthly Low of Mar. 2022), or roughly about 11% from its current price. [Chart Link](https://www.tradingview.com/chart/FLOKIUSDT/wEvENvQv-FLOKI-Outlook/)

**Daily Resistance zones**

1. 0.000022289 - 0.000023501
2. 0.000025400 - 0.000027300
3. 0.000030274 - 0.000032171

**Daily Support zones**

1. 0.000020633 - 0.000019675
2. 0.000017005 - 0.000015581
3. 0.000015375 - 0.000014758

## Further Reading

**[Market Trend](https://www.gate.io/blog_detail/2080/)**｜ADA Eyes $1 As Djed Stablecoin Scores Listing;Coinbase Fined $3.6 Million By The Dutch Central Bank

**[Gate Charity Celebrated Chinese New Year with Aetas in the Philippines](https://www.gate.io/blog_detail/2077/)** | The Aeta are an indigenous people of the Philippines and are among the poorest and most marginalized communities in the country. Gate Charity’s mission is to help reduce poverty and improve the lives of those in need.

## Notable headlines

**🔹 U.S. prosecutors want to stop former FTX CEO from speaking to potential witnesses through encrypted messaging apps,** due to alleged communication with a current witness.

**🔹 A rift has occurred in the Secret community between Secret Labs and the Secret Foundation and its founder, Tor Bair.** Accusations include cashing out tokens and mishandling of a trade, both of which have been acknowledged. Both entities plan to make changes in the future.

**🔹 Yuga Labs' game Dookey [Dash](https://www.gate.io/trade/DASH_USDT) is a hit with over 4 million plays and $40 million in NFT trading volume.** Players compete for high scores which will be permanently bound to their NFT (Sewer Pass). Prizes may be awarded to the highest-ranked passes.

**🔹 Uniswap won 0xMonaco, a web3 dev gaming competition hosted by MatchboxDAO, against teams from Ledger, Polygon, NEAR, Yield Guild Games, Chainlink, OKX and Bybit.** The final was a Mario Kart-style race, where players managed resources for acceleration and defense. The winning code will be open-sourced by Uniswap.

<div class="blog-details-info">
<div>Author:** Peter L.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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