Market Update - February 2, 2024

Weekly Market Update - February 2nd 📨

• Fed Votes to Hold Interest Rates Causing Stocks to Tumble
  
  
• SEC Set to Approve Ethereum ETF by May
  
  
• Record Breaking Trading Volumes for Solana Dex in Wake of JUP Airdrop
  

Ethereum ETF:

• According to a new report by British multinational bank Standard Chartered, the U.S. Securities and Exchange Commission (SEC) is set to approve Ethereum (ETH) exchange-traded funds (ETFs) by the final deadline for approval on May 23, potentially doubling the current price of ETH.
  
• The report expressed strong confidence in an approval, citing the fact that the regulator has not classified ETH as a security.
  

$700M JUP Airdrop to Solana Wallets:

• One of the biggest token airdrops ever took place on the SOL blockchain this week, as the Jupiter network started distributing roughly $700 million worth of its JUP token to nearly a million SOL wallets.
  
• Token trading on Solana decentralized exchanges briefly surpassed trading on Ethereum-based exchanges in December, and with the latest JUP airdrop, it could very well flip in favor of Solana again.
  

Stocks:

• Markets closed down -1.61% and -1.94% respectively, caused by the pushback of an interest rate cut, and amplified on the day due to a number of the tech giants showing underwhelming earnings on Tuesday evening and opening lower on Wednesday morning.
  

🏦 Topic of the Week: What is an ETF?

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