Key Points
- Bitcoin [BTC] is consolidating between the $100K-$105K price range ahead of the U.S. PCE price index report.
- Tether is set to mint USDT on Bitcoin and Lightning Network, and Kraken has resumed U.S. staking services.
Bitcoin [BTC] has been experiencing a steady price range between $100K-$105K after the FOMC update.
The Federal Reserve’s decision to keep the interest rate unchanged has been a contributing factor.
Bitcoin’s Status and Upcoming Inflation Data
The current value of Bitcoin is $104K, with the U.S. PCE (Personal Consumption Expenditure) price index report due shortly.
This report will provide a clear picture of the U.S. inflation status and will influence future rate cut expectations and markets.
Depending on the inflation report, Bitcoin’s value could either rise or fall.
Key levels to watch for Bitcoin are $97.5K, $108K, and $110K.
Developments with Tether and Kraken
Tether, another digital currency, has announced plans to launch USDT minting on Bitcoin’s base layer and layer 2 Lightning Network.
This update is powered by Taproot Assets, a new protocol on the Bitcoin network that allows tokenized assets like USDT.
Kraken, a cryptocurrency exchange, has resumed offering crypto staking services in the U.S. after a two-year break.
On January 30th, Kraken introduced a new on-chain staking service, allowing clients to stake part of their tokens for a certain period and earn rewards.
The staking services will be available in 39 U.S. states and will include Ethereum[ETH], Solana[SOL], Polkadot[DOT], Cardano [ADA], and others.
Mark Greenberg, Kraken’s Head of Consumer, called the move a “positive” development for the U.S. crypto space.
Bitwise’s SEC Approval
Finally, Bitwise has received approval from the SEC for its combined BTC and ETH ETF application.
The regulator has approved its 194-b filing (rule change) and is currently waiting for a sign-off on its S-1 form (registrant statement) before it can be listed for public trading.
James Seyffart, a Bloomberg ETF analyst, noted that recent movements on S-1’s signaled that products, including similar applications for Hashdex and Franklin Templeton, could begin trading soon.
This indicates that these products are likely to be listed in the very near future.
