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Seeking Alpha 2023-01-28 00:05:19

Bitcoin set for ~2% weekly gain as signs of inflation slowing renew risk-on sentiment

Bitcoin ( BTC-USD ) is set to post a weekly gain of ~2% and is on track to end the month nearly 40% higher, owing to renewed risk-on sentiment as markets were assuaged by signs of inflation slowing. "Smart investors quietly used the recent U.S. inflation print as a confirmation signal to buy Bitcoin - and other cryptos," said Markus Thielen, head of research, Matrixport. He also noted that most of the gains this month were driven by institutional investors in the U.S. A Mizuho survey found that retail investors likely shied away from crypto despite bitcoin's ( BTC-USD ) rally this month. Investors now await the Federal Reserve's policy meet next week, in which a 25 bp rate hike is widely expected. Bitcoin ( BTC-USD ) could be pressured if the Fed sticks to its hawkish views. Bitcoin ( BTC-USD ) traded in the $22K-$23K range this week. The overall crypto market cap is currently $1.06T, up 0.6% over Thursday, according to CoinMarketCap . Regulatory Scanner The Federal Reserve denied Custodia Bank's application to access its payment system as its risk management framework was "insufficient" to address concerns over illegal activities. The SEC is said to be intensifying scrutiny of registered investment advisors who directly or indirectly have custody of client crypto assets. Senior White House officials called on Congress to expand regulators' powers to prevent crypto misuse and mitigate conflicts of interest. The Dutch central bank fined Coinbase ( COIN ) Europe €3.33M for providing crypto services without registration. The firm disagrees with the enforcement order. New York's financial watchdog directed companies to not co-mingle customers' crypto assets. More Job Cuts Crypto exchange Gemini is reducing its headcount by an additional 10% on the heels of getting caught up in the bankruptcy of lender Genesis. Gemini made at least three rounds of job cuts in the past eight months. Luno, a London-based crypto exchange owned by Digital Currency Group, is slashing 35% of its workforce. Recent news Moody's ( MCO ) was said to be in the early stages of developing a scoring system for stablecoins, reportedly analyzing up to 20 such tokens. Mango Labs, the firm behind crypto exchange Mango Markets, sued Avraham Eisenberg for $47M as he converted ~$114M from its depositors into his own accounts via "fraud". Bitcoin price Bitcoin ( BTC-USD ) inched 0.3% higher to $23.09K at 7.05 pm ET, while ether ( ETH-USD ) slipped 0.3% to $1.60K.

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Bitcoin set for ~2% weekly gain as signs of inflation slowing renew risk-on sentiment

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