The current state of the crypto market was discussed, with a focus on Bitcoin. Bitcoin remains volatile after the latest Fed meeting, dipping below $43k. There are mixed opinions on whether interest rate cuts are likely in March or later in 2024. More concrete evidence of cooling inflation and further job losses would strengthen the case for earlier cuts. Most feel cuts are inevitable by mid-2024. Another bullish sign is that crypto ETFs now hold over 3% of Bitcoin's total supply.
The ongoing wave of Big Tech layoffs announced in January 2024 was detailed, totaling over 800k just in the US so far. This will negatively impact consumer spending power and confidence. However, some note it could create opportunities for laid off engineers at mid-size companies. Overall though, it signals coming economic troubles.
The pickup in companies aiming to IPO in 2024 after a slow 2023 was discussed, with over 85 in the pipeline. This suggests companies want to go public before any potential major market correction. The availability of tech talent from layoffs is a plus for hiring needed to scale around IPOs. Still, market instability lurks as a risk.
In summary, cautious optimism exists around crypto with some warning signs around the economy and Fed policy. The interplay between these factors will determine if Bitcoin retests its all-time highs or falters in 2024. Ongoing tech layoffs add uncertainty amid hopes for a brighter IPO market this year.
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