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 is currently at 51 in the Neutral zone, up 6 points from this time last week. The index reached a high of 53 on Saturday and a low of 45 on Thursday last week.

Solana is coming to BTC Markets on Wednesday, February 1st.

Bitcoin and Ethereum consolidate at higher levels, above US$22,500 and US$1,500 respectively.

Global central bank policy and earnings season drive action in major global markets.

Macro volatility paints a mixed picture of strong price-appreciation against increased talks of recession in major economies.

 are scheduled in the week ahead, including US producer prices and year-over-year inflation rates coming from Australia, Japan, and Canada. Month-over-month consumer confidence will be handed down in the United Kingdom and in Germany.

 will continue in the upcoming week with major companies issuing results including Tesla, Spotify, Meta, Amazon, Apple, and more.

In the past week, macro market volatility provided a complex and nuanced backdrop in the global financial markets.

Market participants showed optimism toward a potential recovery in 2023 driven by cooling inflation, lower energy prices, and overall improved sentiment. Early hopes of a soft landing in the US economy drove share markets higher, however, an increased pace of contraction suggested the economy was losing short-term momentum.

Technology stocks led gains in European markets and energy prices declined, further fueling hopes that Europe would avoid a deep recession.

Asian financial markets continued their move to the upside, led by an improved outlook that China’s economy would fully recover in 2023. Share markets in China and Hong Kong posted a strong start to the year and tested 6-month highs, only to slow for a week-long celebration of Lunar New Year.

Local share markets in Australia continued higher toward new all-time highs, posting the second-best start to a year in over three decades.

As major markets exhibited unparalleled strength against macro volatility, differing perspectives revealed mixed sentiment; were markets seeing the start of a new cycle regime or just another bear market rally?

Investors and money managers began to rotate out of defensives and into a risk-on bias leading into earnings season, but price action perplexed many market participants. For example, Microsoft shares lifted 4% following the company’s worst revenue growth since 2016 and its slowest sales growth in six years. Google shares lifted 5% following news that they would lay off 12,000 employees.

Mike McGlone, Senior Macro Strategist for Bloomberg Intelligence, commented that the US is “heading toward a recession, that’s almost indisputable, the question is how we prevent that. I don’t know what’s going to prevent it and the key fact I like to point out is this is a very rare situation that we have the most central banks in history tightening into a recession.”

Leading global investment manager, BlackRock shared their view that the market view appears too rosy for now, stating that “markets are feeling optimistic: China’s reopening, energy prices are falling, inflation is cooling. That all reinforces our positive long-term view on equities. But we’re underweight in the near term. We think that optimism has come too soon.”

The digital asset majors continued to consolidate at higher levels, attempting to establish support aboveUS$22,500 for Bitcoin and US$1,500 for Ether.

At the time of writing, Bitcoin was up 36.95% at US$22,638 and Ether was up 30.25% at US$1,556 in 2023.

Over the past two weeks, prices drove Bitcoin’s dominance of market capitalisation to 7-month highs of 44.65% dominance. At the peak of local highs, Total crypto market cap toppedUS$1.02 trillion before pulling back to US$977 billion.

As expected in Bitcoin’s outperformance of Ether over the past two weeks, the ETH/BTC pair pulled back to US$0.07.


The chart below shows the relative performance of Bitcoin, Ether, ETH/BTC, Bitcoin dominance by market cap, and total crypto market cap in 1hr increments from 1st January 2023.

According to global consulting firm, Boston Consulting Group, blockchain enabled 

 could reach capitalisation upwards of US$16 trillion by 2030. A key driver of institutional involvement in tokenisation extends far beyond stablecoins and crypto assets.

In addition to digital assets like Bitcoin, Ethereum, and Tether, hard assets like commodities and property are becoming increasingly digitised to improve liquidity in otherwise illiquid markets. Persistent adoption of blockchain technology by financial institutions and the recognition of competitive advantage over traditional payment systems continues to drive the bank race.

Dr. Tony Richards, Chairman of the Digital Finance CBDC committee stated that “there will be increasing tokenisation of all sorts of assets to facilitate trading of those assets, both in traditional asset classes and new ones that are not tradeable right now. Bringing liquidity to new asset classes will enable new investment products and new risk management opportunities.”

National Australia Bank (NAB) has created a 

, AUDN, which will allow corporate customers to settle transactions in real-time using blockchain technology. Intended to launch mid-2023, AUDN will enable faster transactions, international payments, and improved efficiency of settlement processes.

NAB’s Chief Innovation Officer, Howard Silby commented that “We certainly believe there are elements of blockchain technology that will form part of the future of finance. That continues to be the source of some debate. But certainly, from our point of view, we see blockchain has the potential to deliver instantaneous, transparent, inclusive, financial outcomes.”

AUDN will be fully backed one-to-one with the Australian dollar and will be built on the Ethereum network. Given their well trusted and highly regulated standing, NAB has been working closely with Australian regulators whilst also enabling innovation of the digital economy.

When referring to the regulatory landscape, Silby stated that NAB has a “strong regulatory framework for banking. How digital assets will be treated is still emerging. But what is clear is it is less about the tech and more about whether companies in the space have governance practices, separation of duties, and understand differences in custody and trading. These are things banks are well experienced at.”

We are excited to announce that BTC Markets will be listing Solana (SOL) on our platform.

In preparation for the launch, deposits, withdrawals, and post-only orders will be enabled on Tuesday, January 31st with the market scheduled to go fully live on Wednesday, February 1st.

Solana is a blockchain platform that is designed to bring blockchain technology to the masses. It is fast, scalable, and energy-efficient, making it an excellent choice for developers and users alike.

One of the most striking features of Solana is its speed. With block times of just 400 milliseconds, Solana can process transactions much faster than most other blockchain networks. This development represents a significant advancement for users, as it eliminates the need for prolonged waiting times for transaction processing.

Learn more about 

Our CEO, Caroline Bowler provided commentary in a recent 

 which covered crypto regulation. When addressing a potentially overly prescriptive approach to regulation, Caroline commented that “this may put our digital economy on the back foot, in time, smothering our international competitiveness.”

The crypto industry in Australia has been agitating for the appropriate regulation in the digital asset sector for the past couple of years. BTC Markets worked closely with the cross-party senate committee in 2021, contributing to their report on Australia as a financial and technology centre.

The bipartisan recommendations included a regulatory framework, with Treasury oversight of crypto exchanges. This approach would provide proportionate investor protections and solidify Australia's leading international position in this sector.

The European model of "regulating innovation in rather than out" leaves flexibility and room for the inevitable changes in our fast-paced industry. BTC Markets welcomes the opportunity to continue our consultations with government and regulators on these vital issues.

Staying safe - protect yourself online. 


Scams are on the rise in Australia, and some of them are targeting BTC Markets clients. We want to remind you of the importance of safe online practices, so that you can avoid falling victim to these scams.

Beware of scam callers pretending to be from BTC Markets! We will never cold call you asking you to make investments, for verification codes, passwords, or to transfer funds. If you receive a call from someone claiming to be from BTC Markets, please do not engage with them and instead raise a support ticket through the platform for further assistance.

The most common scams right now include fake websites, social media posts, and scam callers that attempt to steal your personal information. Scammers may pose as representatives from companies that you interact with such as BTC Markets, and they use these fake sites to trick you into handing over your personal information. These sites often look like real websites with logos and addresses that make them appear like they're legitimate.

You should never give out your personal information or provide credit card information over email or social media messenger chats. We have a dedicated page on how to '

', which we encourage you to read. Being informed and taking simple measures is the best action you can take to protect yourself and your account while online. The Australian government’s ‘

’ website provides the latest information on how to recognise, avoid and report scams.

The information provided in this email is for general purposes only. It should not be construed as professional financial advice from BTC Markets Pty Ltd. BTC Markets is not a financial adviser, and you should consider seeking independent legal, financial, taxation or other advice to ensure that the information relates to your unique circumstances. BTC Markets 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 use of this information contained with this email.

Prices are accurate as of 11:00 AM AEDT, on 25/01/2023

This Week in Crypto: 25th January 2023

Solana

Solana is a blockchain platform that is designed to bring blockchain technology to the masses. It is fast, scalable, and energy-efficient, making it the perfect choice for developers and users alike.

One of the most striking features of Solana is its speed. With block times of just 400 milliseconds, Solana can process transactions much faster than most other blockchain networks. This development represents a significant advancement for users, as it eliminates the need for prolonged waiting times for transaction processing.

Another important aspect of Solana is its decentralisation. The network is validated by thousands of nodes that operate independently of each other, which aims to ensure that data remains secure and resistant to censorship. This is a crucial feature for any blockchain network, as it ensures that no single entity has the power to control or manipulate the network.

Scalability is also a key feature of Solana. The network is built to handle thousands of transactions per second, making it ideal for large-scale projects. Additionally, fees for both developers and users remain less than $0.01, which makes it an affordable option for everyone.

Energy efficiency is also a major focus of Solana. The network uses a proof-of-stake consensus mechanism, which eliminates the need for energy-intensive mining. Additionally, Solana has implemented a proof-of-history mechanism that allows it to validate transactions even faster. This makes it an environmentally friendly option, as each Solana transaction uses about the same energy as a few Google searches.

The team behind Solana is committed to making blockchain technology accessible to everyone. Co-founder Anatoly Yakavenko and many others on the team have a background in building cell phone networks, which has influenced their focus on scalability and efficiency. They believe that for people to build the projects that will get the public using blockchain technology, you need to make it as easy and painless as possible for people to experiment and use the technology.

In conclusion, Solana is a powerful, fast, and energy-efficient blockchain platform that is designed to bring blockchain technology to the masses. It is ideal for developers, users, and anyone in between. Its fast block times, decentralised architecture, scalability, and energy efficiency make it a great choice for any project. Additionally, its low transaction fees and easy-to-use interface make it a perfect choice for anyone looking to explore the world of blockchain technology.

Solana: A new architecture for a high performance blockchain

Solana | Solana Community: Join our ecosystem

Solana | There are no bad questions about... blockchain basics

New Listing: Solana (SOL) 

 is currently at 45 in the Fear zone, up 15 points from this time last week. The index reached a high of 52 on Wednesday and a low of 30 on Thursday last week.

Bitcoin, Ethereum, and XRP reach highs upwards of 30% from the start of 2023.

Markets rise on signs of cooling inflation and decreased bond volatility.

Dynamic macro drivers from the US, Japan, and China impact markets.

Europe’s Markets in Crypto Assets (MiCA) scheduled for April 2023.

 (CPI) was released this past week, in what was likely the most important piece of economic data this year so far. Markets rose sharply as investors anticipated cooling inflationary pressures and likelihood of the Fed dialling back on aggressive interest rate hikes.

Consumer prices declined 0.10% month-over-month in December and year-over-year CPI decreased from 7.1% to 6.5%, marking the sixth consecutive month of lower inflation, albeit well above the Fed’s 2% target.

Jurrien Timmer, Director of Global Macro at Fidelity Investments, commented that “gains in the market, combined with better inflation reports, have renewed talk of a soft landing, and therefore the prospect that the bottom may be in for stocks and that risk assets will rally from here. The challenge for the soft-landing narrative: The yield curve is the most inverted since 1981 and the Fed is poised to get deep into a restrictive zone that in past cycles always led to recession. Nonetheless, based on the current valuation, a soft landing is the consensus.”

According to Alfonso Peccatiello, Founder and CEO of The Macro Compass, reduced bond market volatility has been another primary driver of the recent rally. With less volatile bond markets, “it’s easier for investors to add risk to their portfolio.”

On Tuesday, the Chinese economy released relatively weak economic growth data, however, the report exceeded market expectations and was bolstered by China’s post-Covid reopening and messages of international 

 surprised market expectations and left its yield curve control policy unchanged. By unanimous vote, the BOJ maintained yield curve control targets of -0.1% for short-term interest rates and would continue to purchase the necessary amount of Japanese government bonds for the 10-year yield to remain around 0%.

Following the unexpected decision, hawkish expectations were disappointed and investors defensively unwound positions causing the yen to decline against major currencies.

The week ahead will continue to provide a number of high impact 

 releases, including US producer prices and year-over-year inflation rates coming from Australia, Japan, and Canada. Additionally, month-over-month consumer confidence will be handed down in the United Kingdom and in Germany.

The broader crypto market continued to exhibit strength. Bitcoin pressed to highs upwards of US$21,600 and Ether saw highs above US$1,600. Supported by improved sentiment, indications of cooling inflation, and a shift in short-term market regime, the rally showed little signs of slowing.

In a technical trading display, Bitcoin broke out of a mid-term trend and pressed above the 200 daily moving average. In the series of a week, Bitcoin lifted 21.95%.

At the time of writing, Bitcoin was up 25.38% at US$20,676 and Ether was up 26.54% at US$1,511 from the start of 2023.

The chart above shows the relative performance of Bitcoin, Ether, ETH/BTC, Bitcoin dominance by market cap, and total crypto market cap in 1hr increments from 1st January 2023.

Bitcoin dominance by market capitalisation was up 3.21% in 2023, positioning Bitcoin at 43.43% dominance by market cap.

As observed in Ether’s continued outperformance relative to Bitcoin, the ETH/BTC pair was up 1.16% at $0.073.

From 1st of January 2023, crypto market capitalisation was 21.31% higher at US$917.26 billion.

Relative Strength Index (RSI) is a commonly used indicator used in technical analysis. Often utilised in conjunction with price action, this momentum oscillator measures velocity and magnitude of price movements. One data point we found interesting in the daily RSI was that on 24th January 2023, RSI measured 89.24, which indicated high levels relative strength not seen since 7th January 2021.

Note the above chart which illustrates the daily fluctuation of relative strength from January 2020 to January 2023.

Ava Labs, the company behind the Avalanche layer-1 blockchain, is 

In a significant step forward in making blockchain technology more mainstream and accessible for developers, the partnership aims to scale blockchain for businesses, large organisations, and governments. AWS will support Avalanche's infrastructure and decentralised application ecosystem and will make it easier for people to launch and manage nodes on Avalanche. Ava Labs will join the AWS Activate program, which helps start-ups and early-stage entrepreneurs get started on the AWS platform.

 and impressive price action in 2023. In its first three weeks of trading, SOL rallied over 150% to highs of US$25.01. Solana is a blockchain platform that is designed to bring blockchain technology to the masses. It is fast, decentralised, scalable, and energy-efficient, making it the perfect choice for developers and users alike.

One of the most striking features of Solana is its speed and low fees. With block times of just 400 milliseconds, Solana can process transactions much faster than most other blockchain networks. This is great news for users, who no longer have to wait for long periods of time for their transactions to be processed.

Another important aspect of Solana is its decentralisation. The network is validated by thousands of nodes that operate independently of each other, enabling data which remains secure and resistant to censorship. This is a crucial feature for any blockchain network, as it ensures that no single entity has the power to control or manipulate the network.

The European Union’s landmark regulatory framework, Markets in Crypto Assets (MiCA), has been 

. While MiCA’s content remains final and no further changes are expected, the 400-page text needs to be signed off by lawmakers and national governments and translated into the EU’s 24 official languages.

MiCA’s overall goal is to foster innovation and responsible development of digital assets, whilst maintaining their stability and consumer protection. Creating a proper legal framework for crypto-assets to be regulated, supporting and promoting the development of crypto-assets and the use of distributed ledger technology, establishing appropriate levels of consumer protection, and ensuring financial stability relating to stablecoins are all top areas of focus.

Bitwise Asset Management CCO, Katherine Dowling, shared her thoughts that 

stablecoin regulation will be a top-priority

 item for US general counsel in 2023. According to Dowling, stablecoin reserves, reporting, and liquidity are all likely top candidates for Congress’ focus.

While lacking single-pointed consensus, several digital asset professionals and enthusiasts see regulatory clarity as being a net positive for the industry. Dowling maintained that “right-sized legislation in the space will be a huge boon to the industry and while there may be some pain points in the short term around preparing and organising, over the long term we will all benefit from clear rules of the road.” 

Our CEO, Caroline Bowler was featured in an exclusive piece by 

 which covered Ripple and cross-border payments. Caroline discussed Ripple’s high trading volume on the exchange due to BTC Markets’ position as a Ripple on-demand liquidity (ODL) partner for Australia.

When addressing Ripple’s high liquidity and trading volume with BTC Markets, Caroline stated that “effectively, ODL helps companies manage cross-border payments without requiring correspondent banking and pre-funding costs. It uses XRP to help facilitate part of this process, hence the trading volumes on our platforms.”

Scams are on the rise in Australia, and some of them are targeting BTC Markets clients. We want to remind you of the importance of safe online practices, so that you can avoid falling victim to these scams.

The most common scams right now include fake websites and social media posts that attempt to steal your personal information. Scammers may pose as representatives from companies that you interact with such as BTC Markets, and they use these fake sites to trick you into handing over your personal information. These sites often look like real websites with logos and addresses that make them appear like they're legitimate.


You should never give out your personal information or provide credit card information over email or social media messenger chats. We have a dedicated page on how to '

 The information provided in this email is for general purposes only. It should not be construed as professional financial advice from BTC Markets Pty Ltd. BTC Markets is not a financial adviser, and you should consider seeking independent legal, financial, taxation or other advice to ensure that the information relates to your unique circumstances. BTC Markets 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 use of this information contained with this email.

Prices are accurate as of 11:00 AM EST, on 19/01/2023

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