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Bitcoin and altcoins have left behind the first few days of February after a volatile week. So, what happened? We witnessed the latest interest rate decision in the US, the hacking of a Ripple co-founder’s wallet, and many other significant events. BTC failed to initiate that anticipated surge in the first week of February.
What’s Happening in the Crypto World?
The Solana-based DeFi protocol Jupiter made a splash with the launch of WEN Coin, becoming a hot topic. This development, which could be among the most thrilling moments of the past days, is a continuation of the narrative of hype tokens supporting growth in the Solana ecosystem.
The WEN team had to burn the supply that was not claimed on the token request screen on Monday, which belonged to those who were entitled. This represented 39% of the airdropped supply, or in other words, $35 million.
Subsequently, Jupiter conducted the anticipated airdrop for its own token, sending billions of tokens to roughly 1 million Solana addresses. While some earned thousands of dollars, the majority of those entitled received only small amounts. The continued increase in network activity within the Solana ecosystem can be expected, as those who farmed the airdrop with hundreds of wallets were also rewarded.
Andrew Tate and Crypto
Andrew Tate, accused of human trafficking, announced in the past days that if he received 50,000 retweets, he would launch his own token months after mocking and rejecting crypto last year. Andrew Tate’s hostile attitude towards cryptocurrencies followed by his idea to launch his own meme coin attracted the wrath of crypto Twitter.
Fed’s Current Stance
The Fed’s annual outlook became much clearer after Wednesday’s statements. If there is no massive easing on the employment front, the Fed clearly states that there will be no cut above 75 basis points. What about the latest data? The latest employment data was a disaster, with wage increases favoring inflation. In the coming days, we will hear speeches almost daily from Fed members telling us that they need to act cautiously.
The expectation for a rate cut in March has disappeared, and the expectation for a rate cut in May is already around 50%. Considering that the March rate cut prediction was at 80% weeks ago (now dropped to 17%), we may not see a cut in May either. The Fed has begun to temper the market’s excessive optimism as expected.
