To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/
Bitcoin is currently grappling to hold above the crucial $100k level as the market braces for tomorrow’s Federal Open Market Committee (FOMC) decision. While BTC consolidates around this psychological threshold, altcoins have fared worse, retracing significantly. Ethereum (ETH) and Solana (SOL) are down by 3.5%, with most other projects declining by over 5%. However, two notable exceptions are XRP and ONDO, both of which have remained resilient amidst the broader market sell-off.
This resilience follows the announcement of a partnership between Ondo Finance and Ripple.
Ripple x Ondo Finance Partnership Sparks Interest
Ripple x Ondo Finance Partnership Sparks Interest
Ondo Finance—a previous Stormrake Spotlight and a standout project in real-world asset tokenisation—has teamed up with Ripple to launch tokenised US Treasuries on the XRP Ledger. This collaboration underscores Ondo’s ambition to bridge traditional finance with blockchain and highlights Ripple’s ongoing efforts to expand its use cases.
Both XRP and ONDO benefit from strong institutional and community support. XRP continues to draw attention due to its potential links with US government entities, while ONDO is backed by BlackRock, the world’s largest asset manager. This partnership has contributed to their relative outperformance against a bearish market backdrop.
Market Eyes Jerome Powell’s Speech
Market Eyes Jerome Powell’s Speech
With less than 20 hours until Jerome Powell takes the stage to discuss the FOMC’s latest interest rate decision, market participants are bracing for heightened volatility. While there’s a 97.9% probability of no rate change, traders are eager to parse Powell’s tone.
Since the last hawkish presser in mid-December, economic data has sent mixed signals. While job numbers have been weak, core CPI figures suggest a slowing in inflation. Whether Powell maintains a hawkish stance or adopts a more dovish tone remains to be seen, but the next 24 hours promise to be pivotal.
Stormrake Spotlight: Ethereum (ETH) ($3,085)
Stormrake Spotlight: Ethereum (ETH) ($3,085)
Ethereum continues its downward trend but is finding support within a critical accumulation zone. Over the past two days, ETH has repeatedly bounced from the zone’s lower boundary. If Ethereum can establish a base here, it could signal a bottoming pattern, potentially setting the stage for a run toward higher targets in the coming weeks.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has failed to reclaim the $104k level, failing to break above key moving averages. Consequently, BTC has retreated and is now fighting to stay above $100k. This level is crucial; if BTC holds and forms a higher low, it could create bullish divergence, offering some hope for a market rebound.
BTC Total ETF Flows for 28 Jan: $ -11.7 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum mirrors Bitcoin’s struggle, having failed to flip $3,207 into support while also being rejected by the 21 and 55 EMAs. ETH is now hovering near $3,000, a key level that could provide much-needed support. Should ETH hold and build momentum here, it may make another attempt to reclaim the moving averages and retest $3,207.
ETH Total ETF Flows for 28 Jan: $ (data not available)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
Create a brokerage account today
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
