What to know:

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Market Sentiment

The crypto market appears subdued, with significant cryptocurrencies like Bitcoin (BTC), Ether (ETH), Solana (SOL), Binance Coin (BNB), and Chainlink (LINK) experiencing declines of up to 3%. This downturn is attributed to frustrations regarding the slow establishment of a U.S. strategic Bitcoin reserve and the tightening of dollar liquidity.

Quote: “Crypto will not be spared in the ensuing risk-off volatility, and I expect many coins to drop 50% or more from their January highs. I have limit orders to buy some of my favorite coins like SOL at half price.” - Geo Chen

Key Events to Monitor

• Crypto:

  • Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork upgrade.
  • Feb. 6: Berachain (BERA) mainnet launch.

• Macro:

  • 9:45 a.m.: S&P Global issues January’s US Services PMI (Final) report.
  • 10:00 a.m.: ISM releases January’s Services ISM Report on Business.

It is crucial for investors to remain vigilant as various economic factors may contribute to market volatility today.