MARKETS DAILY: Crypto Update | Bitcoin Corrects After Federal Reserve Indicates Rate Cuts May Take Time, With Kaiko's Dessislava Aubert

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4.7 • 698 Ratings

🗓️ 1 February 2024

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

The latest price moves and insights with Jennifer Sanasie and guest Dessislava Aubert, senior research analyst at Kaiko. To get the show every day, follow the podcast here. On "Markets Daily," host Jennifer Sanasie speaks with Dessislava Aubert, senior research analyst at Kaiko, about how markets reacted to yesterday's FOMC meeting rates decision. - Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Take 15% off registration with the code MD15. Register now at consensus.coindesk.com. - This episode was hosted by Jennifer Sanasie. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl, alongside Senior Booking Producer Melissa Montañez. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	It's Thursday, February 1st, 2024, and this is Markets Daily from Coin Desk.
0:10.6	I'm your host, Jen Sanassi.
0:12.6	Let's dive in to those prices.
0:20.0	According to Coin Desk indices at 8 a.m. Eastern Time, both Bitcoin and Ether fell over a percent
0:24.7	in the past 24 hours with Bitcoin trading at $42,098 and Ether at $2,267.
0:32.7	Today's mover in the Coin Desk Market Index is Marlin, ticker Pond, Pond, up 17% on the day.
0:41.3	And in traditional markets, U.S. stocks fell yesterday after Federal Reserve Chair Jerome Powell
0:46.7	said rate cuts in March were unlikely, the NASDAQ down 2.2% and the S&P 500 down 1.6%. This marks a particularly bad day for the S&P 500,
0:58.9	its worst single-day performance since September of last year. And in commodities, the Brent
1:04.8	crude oil benchmark was trading at $80 and $96 a barrel, marking a week straight above $80. Meanwhile, gold was trading at $2,038 an ounce.
1:16.6	For more on the market's action, let's bring in senior analysts at Kyko, Desi-Obert.
1:24.8	Let's get right into it and talk about that FOMC meeting yesterday.
1:29.7	A lot of analysts expecting to hear that rate cuts are on the horizon, and we didn't
1:35.4	hear that yesterday.
1:36.6	What do you make of that?
1:38.3	Yeah, maybe before going into the FMC meeting, I'll start with some background contexts
1:43.8	about the macro environment.
1:45.8	We have had a lot of loosening of macro conditions in late 2020.
1:51.9	And the reason for this is that inflation has been going down significantly.
1:56.0	And the markets have been pricing in quite a bit of weight cuts for this year. So the Fed has been pushing against
2:04.2	market expectations for some time now. We had a lot of Fed speakers kind of trying to moderate
2:09.7	market expectations. And essentially what happened yesterday is that the message we got across
	...

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