Hi subscriber,

Here's the CURRENCY HUB Monthly Market Update, reflecting on last month's trading and the short-term expectations.

Monthly Client Profit Summary (Jan 2024)

Commentary From the Trading Desk

The first half of January saw some good buying opportunities for cryptos noting BTC declined as much as 15% from its monthly high. Most of the movement was driven by the ETF listings. "Buy the rumour, sell the fact" hey? Sadly the ZAR weakening also tracked this downward trajectory, therefore not exactly working in our favour. That said, the Trading Team continued to exploit the intra-day ZAR strengthening opportunities with the premium spiking above 3%, capturing some true alpha.

Looking ahead, the focus remains on the BTC ETFs and what other crypto ETFS will list. The key here is to keep an eye on AUM (Assets under management) – the market seems to focus on volumes traded which isn’t really the key metric. If AUM is going up then there is more adoption of the ETFs….watch this space.

ZAR continues to weather all storms in its ecosystem sitting in the 18.50 to 19.10 range. Watch election jitters here, typically this provides a good buying opportunity as ZAR weakens into elections and strengthens out of them.
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