Today in Markets

Crypto's Volatile Surge

Is crypto headed for all-time highs?
Feb 17, 20241 min read

Volatility voyage. Crypto markets were strong on the week, with Bitcoin’s close just shy of $52k representing a weekly gain of 10% and a total gain of nearly 35% since the January bottom three and a half weeks ago. What events impacted prices this week?

Risk markets have been rising throughout 2024 on expectations that imminent rate cuts will provide further fuel for risk assets, but hot inflation prints in Tuesday’s consumer price index (CPI) data and Friday’s producer price index (PPI) data called into question whether such cuts can come into effect as soon as the market had priced in, if at all.

While the extension in rate cut expectation timelines dampened the amount of upside crypto assets were able to enjoy this week, bulls appear content to bid until a major paradigm shift occurs in markets.

Inflation was not the only thing that surprised markets this week, with Coinbase’s massive 290% earnings beat against Wall Street’s expectations sending the stock ripping upwards by 12%!

Coinbase is aiming for expansion this year, hopeful that the availability of their perpetuals trading products overseas will transform them into an international powerhouse and optimistic that they can drive utility to crypto through payments by developing the Coinbase Wallet into an onchain superapp.


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