Summary
Bitcoin remained flat above $42,000 on the last business day before the Lunar New Year holiday in East Asia. The Year of the Dragon, which is considered lucky and prosperous, is about to begin. CLSA, a Hong Kong securities firm, predicted market volatility in 2023 due to the Year of the Rabbit, but the market has bounced back in 2024, with Bitcoin up 94% and Ethereum up 47%. The CoinDesk Market Index outperformed the S&P 500, mainly due to Bitcoin’s performance. Ethereum is expected to see positive price performance in 2024, and market confidence is high due to Bitcoin’s halving event and calming inflation. CLSA expects the city’s stock market to regain vigor in the second half of the year but warns of potential market fluctuations. It advises seeking professional advice before investing.
Key Points
1. Bitcoin remained flat above $42,000 on the last business day before East Asia’s Lunar New Year holiday, with a 0.75% decrease.
2. The Year of the Dragon, which East Asia is celebrating, is considered to be a lucky and prosperous year.
3. Market volatility is predicted in 2023, attributed to the positive outlook of the Year of the Rabbit. However, the market has shown improvement in 2022, with Bitcoin up 94% and Ethereum up 47% in one year.