Today’s currency prices, January 10: Bitcoin fluctuates sharply, altcoins move in the opposite direction, US stocks fall slightly

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Judging from the comments, Bitcoin has been extremely volatile due to the news that the U.S. Securities and Exchange Commission (SEC) approved fake ETFs.

BTC Price Chart – 1 Day | Source: TradingView

US stocks

On Tuesday (January 9), the S&P 500 index recovered its previous losses due to gains in technology stocks, but still closed slightly lower.

As of the end of the trading day, the S&P 500 index fell 0.15% to 4,756.5 points. The index fell 0.7% at the session low. The Dow Jones index fell 157.85 points (equivalent to 0.42%) to 37,525.16 points, with an intraday low of 310 points. The Nasdaq Composite recovered from a nearly 0.9% decline to close slightly up 0.09% at 14,857.71 points.

Nvidia shares rose 1.7% to hit a new high. Amazon shares also rebounded more than 1.5% along with Alphabet shares. Juniper Networks shares rose nearly 22% on Tuesday after the Wall Street Journal reported that Hewlett Packard Enterprise could announce a deal to acquire the hardware company for about $13 billion as soon as this week.

The technology sector, which performed well in 2023, struggled to start 2024, putting pressure on the market. Year to date, the industry is down more than 1.1%.

Healthcare was one of four sectors in the S&P 500 that posted gains on Tuesday. The sector has gained 3% since the start of 2024, making it the best-performing sector.

The moves come after a strong trading session for the stock market. The S&P 500 and Nasdaq Composite rose on January 8 as large technology stocks recovered from last week’s losses.

This weekend, investors will receive two important inflation readings to learn more about the Federal Reserve’s (Fed) rate-cutting roadmap. The U.S. consumer price index CPI for December 2023 is expected to be released on January 11, followed by the PPI producer price index on January 12.

Companies reporting this week include Infosys on January 11, and JPMorgan Chase, UnitedHealth, Bank of America and Delta Air Lines on January 12.

Oil prices rose on Tuesday (January 9) after falling in the previous session as the market weighed tensions in the Middle East, demand concerns and increased supply from the international organization Organization of the Petroleum Exporting Countries (OPEC).

As of the end of the trading day, the Brent crude oil contract rose by $1.47 (equivalent to 1.93%) to $77.59 per barrel. The WTI crude oil contract rose by $1.47 (equivalent to 2.08%) to $72.24 per barrel.

Bitcoin and altcoins

Bitcoin (BTC) experienced significant volatility during Tuesday’s trading session after a social media post from the U.S. Securities and Exchange Commission (SEC) regarding approval of a Bitcoin ETF trade was immediately false.

Bitcoin rose 2.5% to a 19-month high of $47,900 shortly after the official SEC account shared on X (formerly Twitter) that the Bitcoin ETF was approved.

However, since then, when SEC Chairman Gary Gensler denied the news, the price of Bitcoin plunged nearly 6% to below $45,000.

BTC Price Chart – 4 Hours | Source: TradingView

The top asset is currently trading around $45,700, down more than 2% in the past 24 hours.

The altcoin market was mixed as Bitcoin was volatile yesterday.

In terms of gains, Helium (HNT) and Bonk (BONK) were the two top performers with impressive gains of over 20%, erasing all the losses recorded in the past seven days.

Following closely behind is Lido DAO (LDO), which is up 18% in the short term and 28% this week.

Some other projects such as Mantle (MNT), Rocket Pool (RPL), Optimism (OP), WEMIX (WEMIX), Ethereum Classic (ETC), Frax Share (FXS), Arbitrum (ARB)… increased by 5-9% ..

On the downside, Klaytn (KLAY) was the worst performer of the day, losing 26% of its value, bringing the total loss for the week to over 30%.

Astar (ASTR), Stacks (STX), SATS (1000SATS), Injective (INJ) also fell more than 10% in the past 24 hours.

FTX Token (FTT), NEAR Protocol (NEAR), Sei (SEI), ORDI (ORDI), eCash (XEC), WOO (WOO), Mina (MINA), Algorand (ALGO), Gala (GALA), Theta Network ( THETA ), The Graph ( GRT ), Fantom ( FTM )… all fell 5-7%.

Source: Coin360

While Bitcoin has been volatile, Ethereum (ETH) bulls have been pushing the price to retest the $2,400 threshold. Buying pressure appears to be driving ETH price significantly higher after hitting a local bottom at $2,226. Currently, the market’s second-largest asset by market capitalization is trading at around $2,376, up more than 3% from the previous 24 hours.