Price analysis 1/23: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT

Price analysis 1/23: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT


Bitcoin’s (BTC) price has risen about 37% year-to-date and is not showing any signs of slowing down. The S&P 500 index (SPX) has also made a winning start to the year but has seen a relatively muted rally of roughly 4%.

While the price of risky assets are rising, the United States dollar index (DXY), perceived as a safe haven, extended its downtrend and declined more than 1% in January.

The change in sentiment toward risky assets may have been triggered by expectations that the U.S. Federal Reserve could slow down its rate hikes as inflation cools off. Some analysts even expect the Fed to pivot and start cutting rates before the end of the year.

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Daily cryptocurrency market performance. Source: Coin360

Several analysts remain skeptical about Bitcoin’s

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