Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 87,782.0 | +1.30% |
| Ethereum (ETH) | 2,888.80 | +2.65% |
| Nasdaq (NAS100) | 25,554.9 | +0.04% |
| S&P 500 (SPX) | 6,915.62 | +0.03% |
| Russell 2000 (RUT) | 2,662.2 | +0.32% |
| U.S. Dollar Index (DXY) | 96.808 | -0.30% |
| VIX Volatility Index | 16.09 | +2.88% |
| U.S. 10-Year Yield | 4.23389 | -0.43% |
| Brent Crude Oil (BRENT) | 66.211 | +0.55% |
| LBMA Gold (XAU) | 5,092.49 | +2.21% |
| LBMA Silver (XAG) | 107.920 | +4.99% |
“Prepared at UTC 07.36 am”
Today’s Key Events
- US President Trump to Attend Policy Meeting
- US Core Durable Goods Orders
- Germany IFO Index
- Strategy BTC and Bitmine ETH Purchase Details to be Announced
- Bitget Token Token Unlock
US Government Shutdown Risk
Following the recent shooting in Minnesota, Democrats threatened to shut down the government. The killing of a U.S. border patrol agent by an immigrant during protests against immigration policies was the second such incident this month. Senate Democratic Leader Schumer announced that he would block the government funding package unless Republicans cut funding for the Department of Homeland Security. The bill needs at least seven Democratic votes to pass the Senate. The House of Representatives approved the bill and went on recess after January 30.
New Fed Chair Process
Bessent said Trump could appoint the new Fed chair during the week of January 26. On Polymarket, the probability of Rick Rieder’s appointment rose above 50%. Rieder’s influence in the bond markets and the positive feedback he has received from market participants stand out. His lack of Fed experience creates expectations of a more pragmatic and flexible policy approach compared to academic candidates. Milan is expected to remain in the position on an interim basis until Senate confirmation.
- Rick Rieder worked at Lehman Brothers for over 20 years and served as global head of credit. He served as vice chair of the Treasury Borrowing Advisory Committee prior to the 2008 crisis. He joined BlackRock in 2009 and became CIO of the global fixed income division. He is considered one of the most influential figures in global bond markets.
Trump’s Greenland Push
Trump aims to revise the defense agreement with Denmark to expand the US military presence in Greenland. The US is demanding full and permanent access to military operations in Greenland. In return, Trump has pledged not to impose tariffs on Europe. The Danish Prime Minister stated that they are open to expanding the 1951 defense agreement. It is reported that the process has progressed relatively smoothly so far.
Trump’s Warning to Canada
Trump said that if Canada signs a trade agreement with China, a 100% tariff will be imposed on all exports to the US. On social media, he claimed that China would “swallow” Canada economically and socially. He also announced that the peace committee’s invitation to Canadian Prime Minister Carney had been withdrawn. Carney called on Canadians to prefer domestic products. The Canadian government emphasized that they were not pursuing a free trade agreement with China.
US Markit PMI Data
The preliminary US Markit manufacturing PMI for January came in slightly below expectations at 51.9. The services PMI stood at 52.5, while the composite PMI was 52.8. The data remained above 50, signaling economic expansion. Weak new export orders were noted. Strong domestic demand continues to support the overall economic outlook.
Russia-US-Ukraine Talks
The trilateral talks in Abu Dhabi ended without progress on the territorial issue. The Kremlin stated that a lasting solution is unlikely unless Russia’s territorial demands are met. US officials said the talks were constructive. The parties agree to meet again next Sunday. No final agreement was reached on the Zaporizhzhia nuclear power plant.
Bank of Japan Decision
The BOJ kept its policy rate unchanged at 0.75% and revised its inflation forecasts upward. The CPI forecast for fiscal year 2026 was raised to 1.9%, and the core CPI forecast was raised to 2.2%. The decision was taken by a vote of 8 to 1. Governor Ueda drew attention to the rapid rise in long-term yields. It was stated that flexible bond purchases could be made if necessary. On January 23, the US Treasury Department inquired about the USD/JPY exchange rate through the New York Fed. This move was perceived as a signal of a possible currency intervention. The yen gained 1.6% against the dollar, recording its strongest increase in the last six months. However, no actual intervention took place.
Fed Yen Intervention Signal
The Japanese yen recorded its strongest daily rise in the last six months, causing the dollar/yen exchange rate to fall from around 160 to 155.6. Following Prime Minister Fumio Kishida’s warning about “abnormal” fluctuations in the yen, the possibility of coordinated intervention between the Japanese and US central banks came to the fore. It was reported that the New York Fed contacted major banks regarding the yen. Analysts stated that such coordination could provide high liquidity to global markets. It was noted that the weakening of the dollar could have a supportive effect on assets such as stocks, commodities, and Bitcoin.
Japan’s Crypto ETF Plan
It was reported that Japan’s Financial Services Agency plans to lift the ban on spot cryptocurrency ETFs in 2028. According to Nikkei, the goal is to amend the Investment Trust Act Enforcement Regulations for this purpose. Major financial institutions such as SBI Holdings and Nomura Holdings are continuing their product development efforts. With the approval of the Tokyo Stock Exchange, individual investors will be able to access crypto ETFs through securities accounts. Tax reform is seen as a fundamental prerequisite for lifting the ban.
UK Crypto Regulation
The UK Financial Conduct Authority (FCA) is approaching the final consultation stage for core cryptocurrency regulations. The FCA is seeking final feedback on 10 regulatory proposals by March 12, 2026. The proposals cover areas such as conduct of business rules, credit-based purchases of crypto assets, reporting obligations, and asset safeguarding. As part of the crypto roadmap, license applications are scheduled to open in September 2026. The licensing regime will make FCA authorization mandatory for crypto companies.
Nansen Sui Integration
On-chain data analytics platform Nansen announced that it has completed its $Sui integration and added official support for the Sui ecosystem. As part of the integration, a dedicated $Sui ecosystem dashboard has been made available. Users will be able to monitor asset movements, application usage rates, and on-chain behavior in real time. Features such as Token God Mode and Nansen Profiler are planned to be added in later stages. These tools will enable the analysis of token performance and smart money movements.
Tezos Tallinn Upgrade
Tezos completed its latest protocol upgrade, called Tallinn, reducing the block time to 6 seconds. This upgrade was the 20th major update since Tezos’ launch and did not result in any forks. The update speeds up the block verification process while reducing storage costs. Thanks to the BLS signature system, a single signature is used for each block. In addition, storage efficiency has been significantly increased with the address indexing mechanism.
Optimism Quantum Roadmap
Optimism has published its quantum-resistant roadmap for Super chain. According to the roadmap, External Ownership Accounts (EOA) based on ECDSA signatures will be phased out by January 2036. Users will transition to smart contract accounts that support post-quantum signatures. At the consensus level, L2 sequencers and validators will also migrate to post-quantum signatures. The entire transition process will be coordinated over a ten-year period through hard forks.
