Week 5 of 2023 - An overview

Published: Feb 05, 2023

Another steady week and even Bitcoin tapping another recent high of over $24,250 - a price not seen since the 17th of August 2022. Well before the FTX collapse. With the price being higher now than before FTX is a promising sign that investors are once again beginning to feel more bullish.

This week also saw the close of the monthly January candle. This confirmed that January 2023 was the best January for Bitcoin in over 10 years.

Middle of the week, the FOMC meeting took place on Wednesday 1st Feb. With the expected slowing of hikes and positive news of slowing inflation meant we got the expected increase was 0.25%. Unluck previous FOMC decisions, Wednesday's hike caused a little reaction on the markers.

Some altcoins have continued on major runs most notably SHIB up over 24% this week and over 80% on the year.

Whilst I don't usually cover the Stock Market - it's interesting to see the Stock price of Coinbase (NASDAQ: COIN) seeing positive action. This is probably due to the overall sentiment but Coinbase also won its defence of a class action lawsuit.