House View Website - Sygnum February 2024

Sygnum House View – The results of “Build in a bear market” take shape

The crypto market experienced an uptick in volatility after the launch of the Bitcoin spot ETFs, initially rallying 10-15% then falling 20% as the “sell-the-news” narrative won out. We are also starting to see the results of investment and innovation that took place over the last two years as a number of innovative blockchain designs, scaling and interoperability technologies are launched.

Bitcoin outperformed during the correction, with the prices of many tokens falling after their Q4 2023 outperformance. Despite the sharp price moves during January, the market ended up almost flat for the month, with Bitcoin rising +0.75%, Ether +0.05%, and the S&P Broad Crypto Market Index down 1.58%.

Bitcoin traded between USD 38,522 and 48,969 in January, and Ether traded between USD 2,114 and 2,710.

The Sygnum House View is available to qualified investors. For other updates on the digital asset markets, read our Insights articles here.

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