Publicly traded bitcoin mining firm Bitfarms took advantage of the latest dip by purchasing 1,000 bitcoins worth $43.2 million throughout the first week of January. The purchase increased the Bitfarm’s bitcoin holdings by 30% to over 4300 BTC.
Canadian miner Hive Blockchain mined 1,768 BTC in 2021 and is currently holding onto the entire lot. Hive is also involved in mining Ethereum and Ethereum Classic. A portion of the ETH and all the ETC was sold to pay for chip upgrades.
The world’s largest inter-dealer broker, TP ICAP, has begun offering clients exposure to digital assets in the form of crypto-linked exchange-traded products. A firm the size of TP ICAP that helps facilitate transactions for large institutions suggests the continuance of mainstream crypto adoption.
The pilot version of the official digital yuan wallet in China has been released for use in select locations. Despite a limited rollout, the wallet app for the CBDC has become the most downloaded app in local Chinese mobile app stores.
The Nasdaq recovered sharply to finish up 0.1% after being down as much as 2.7% intraday, marking the biggest rebound since the bottom of the pandemic bear market.
Inflation data to be released Wednesday is expected to have further increased in December, putting pressure on the Fed to tighten policy.
Goldman Sachs is now expecting the Federal Reserve to raise interest rates four times this year and will likely start its balance sheet runoff process in July, if not earlier.
The International Monetary Fund is warning emerging economies to prepare for a change in U.S. interest rates, which will likely cause volatility abroad and potentially induce capital outflows.