It's Wednesday, January 31st, 2024, and this is Markets Daily from Coin Desk.

I'm your host, Jen Sanassi. Let's dive into those prices.

According to CoinDesk indices at 8 a.m. Eastern Time, Bitcoin fell over a percent in the past 24

hours, trading at $42,590. Ether was roughly flat over the same time period at 2,302. Interestingly,

ether prices are set to close the month at just over 2% higher, while

major NFT indexes have advanced almost 10%. Today's mover in the CoinDesk Market Index for the

second day in a row is LCX, up 9.7% on the day. In traditional markets, both the NASDAQ and

S&P 500 fell slightly in yesterday's

trading. And later today at 2 p.m. Eastern time, the Federal Reserve will release its rates decision

from the first FOMC meeting of the year. Half an hour after that, Fed Chair Jerome Powell will

speak on the decision. Make sure to tune into tomorrow's episode of Markets Daily for a recap and

analysis. Lastly, in commodities, the Brent Crude Oil benchmark was trading at $81 and 64 cents a

barrel. Meanwhile, gold was trading at $2,038 an ounce. For more on the market's action, let's bring

in Coinbase Institutional Head of Research, David Duong.

Let's just get a quick reaction to what you heard going on in the markets this morning.

What are you watching?

Yeah, I think that there's a lot of technical factors that are driving performance at the moment.

And I believe that a lot of them are starting to actually fade. So if the macro

backdrop remains positive, which so far it has, and I think that that's the evidence we're going to

get from the Fed coming this afternoon, we could actually be up for a pretty constructive outlook

for the next few weeks. There was a report that came out recently that said that market watchers

might be too optimistic about upcoming rate cuts. Your thoughts there? So I feel very strongly

...