• Equity, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023 and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting.
• Federal Reserve governor Christopher Waller has said he favors a quarter-point benchmark rate increase at the next FOMC meeting, and analysts believe current market trajectories will be dependent on this decision.
• On Saturday, Jan. 21, 2023, the global cryptocurrency market capitalization was up 5.87% over the previous day and hovering around $1.06 trillion in value, with Bitcoin (BTC) trading at $23,133 per coin. The day prior, on Friday, Jan. 20, equity markets closed the day in the green.
The past three weeks of 2023 have been a wild ride for global markets, with equities, precious metals, and cryptocurrencies alike experiencing a rally. All eyes are now focused on the upcoming Federal Open Market Committee (FOMC) meeting, which is 11 days away. Federal Reserve governor Christopher Waller has indicated that he is in favor of a quarter-point benchmark rate increase at the meeting, and analysts believe that current market trajectories will be heavily dependent on the outcome of this decision.
On Saturday, Jan. 21, 2023, the global cryptocurrency market capitalization was up 5.87% over the previous day, hovering around $1.06 trillion in value. The leading crypto asset, Bitcoin (BTC), had climbed 11.63% higher against the U.S. dollar in the past seven days, with Ethereum (ETH) rising 8.33% against the greenback. This increase in value of these two crypto assets has also increased the dollar value of the thousands of digital currencies below BTC and ETH. BTC traded at $23,133 per coin by 4:24 p.m. that day.
The day prior, on Friday, Jan. 20, equity markets closed the day in the green. The top four benchmark stocks (S&P 500, Dow Jones, Nasdaq, and Russell 2000) ended the day between 1% and 2.66% higher against the U.S. dollar. The Nasdaq Composite was the highest, rising 2.66%, the S&P 500 rose by 1.89%, the Russell 2000 index (RUT) jumped 1.69% higher, and the Dow increased by 1%.
With the FOMC meeting just 11 days away, investors are on edge as to what the outcome will be, and how it will affect the trajectory of global markets. Those invested in equities, cryptocurrencies, and precious metals alike are hoping for a positive outcome, though only time will tell.