WEEK OF JANUARY 29, 2024
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What’s Moving The Markets?
Apple’s EV Delayed to 2028
Apple has been working on a self-driving electric car since 2015, but due to production delays, the release date has been postponed to 2028, pushing back from the initially targeted 2026.
Russia & India Creating Digital Economy
Russia and India are intensifying collaboration to establish a joint digital economy as part of the BRICS international expansion efforts, signaling a commitment to the development of a blockchain-based native currency within the bloc.
Intel Uncertain About Future Chip Demand
Intel forecasts a first-quarter revenue shortfall of over $2 billion due to uncertain demand for its chips in traditional server and PC markets, causing a 10% drop in after-hours trading and potentially leading to a $20 billion decline in market value.
US Government Selling $130M Bitcoin
The US government plans to sell $130 million worth of Bitcoin seized from the Silk Road, following a court-approved forfeiture of 69,000 BTC, with the notice issued by the United States District Court for the District of Maryland.
Blackrock’s Sizable Bitcoin Holding
BlackRock’s Spot Bitcoin ETF, launched a few weeks ago, already holds 45,688 BTC valued at over $1.8 billion, with CEO Larry Fink expressing strong support for digital assets and likening Bitcoin to gold in its protective qualities.
Spot Ethereum ETF Delayed
The SEC has postponed a decision on BlackRock’s Spot Ethereum ETF, following a pattern of delaying approvals for cryptocurrency ETFs, indicating a cautious approach toward crypto, as seen in the recent approval of Spot Bitcoin ETFs and delays in similar applications, prompting criticism from the crypto community.
Bear Case: Bears continue to defend the 4924 supply level identified last week. For a bearish trend to gain further traction, it’s essential to observe a clear break and sustained movement below the 4841 pivot. This would indicate a possible continuation of the downward trajectory, reinforcing the bearish stance in the market.
Bull Case: A definitive bullish signal would be a break above the 4959.50 mark. In the event of a price pullback, the 4881.75 level emerges as a potential demand zone. Bulls would aim to hold this level to bolster their efforts in driving the price upwards.