European markets rallied on Tuesday, with the FTSE 100 index hitting an intraday record high as investors built on the previous session's positive momentum.

 

The pan-European benchmark Stoxx 600 index rose 0.6% in early trading, with most sectors trading in positive territory. Technology stocks led the gains, rising 1.8%, while mining stocks fell 1.3%.

 

Britain's FTSE 100 index continued to rise, rising 0.55% to reach an all-time high of 8067.73 by 8:10 a.m. London time. This came after the index posted its fourth straight daily gain on Monday and surpassed the previous record close set on February 20, 2023.

 

U.K. stocks rose while sterling fell against the U.S. dollar as investors raised bets on a summer interest rate cut by the Bank of England.

 

Investors in the region are looking ahead to bank earnings this week and will also keep an eye on a number of technology news in the US, with Tesla reporting during US trading hours on Tuesday.

 

In Europe, Renault, Kering, OVH, Novartis and Associated British Foods all posted profits on Tuesday. On the data front, preliminary manufacturing and services purchasing managers' index data for the eurozone for April will be released.

 

In the evening, Asia-Pacific markets extended gains from Monday as investors await the release of flash data on business activity in Australia, Japan and India. U.S. stock futures were little changed Monday evening.

 

European stocks opened higher Tuesday, with the benchmark Stoxx 600 index up 0.6 percent by 8:05 a.m. London time.

 

Britain's FTSE 100 index was up 0.5 percent at an intraday high, France's CAC 40 was up 0.3 percent and Germany's DAX was up 0.8 percent.

 

- Karen Gilchrist

 

Swiss drugmaker Novartis raised its full-year outlook after reporting better-than-expected first-quarter results thanks to the success of drugs such as heart failure drug Entresto and psoriasis drug Cosentyx.

 

The company said it expects net sales to grow by one to several double-digit percent in 2024 and adjusted operating income to grow by several double-digit to mid-tenths of a percent.

 

Previously, the company projected that adjusted operating income would increase by a "high single-digit" percentage and sales growth would increase by a "mid-single-digit" percentage.

 

- Karen Gilchrist

 

French automaker Renault on Tuesday reported a 1.8 percent rise in first-quarter earnings, helped by strong performance in its finance business.

 

The company sold 549,099 vehicles in the three-month period and posted revenue of 11.7 billion euros ($12.47 billion). That was slightly higher than the company's forecast for annual revenue to fall to 11.49 billion euros.

 

- Karen Gilchrist

 

According to an analysis of recent data, six stocks in the S&P 500 tend to rise when Tesla shares fall.

 

The stock price performance of these six companies has been inversely correlated with Tesla's stock performance in the past month. They have tended to rise this year, in contrast to Tesla stock's 40% drop.

Tesla shares fell just over 3% on Monday, extending its year-to-date drop to 34% after the company laid off more than 10% of its workforce, or more than 14,000 employees.

 

Tesla CEO Elon Musk sent out a memo to employees on Sunday announcing that the EV maker would be cutting jobs due to "overlapping roles and job functions in some areas."

 

Two top executives left Tesla in connection with the layoffs, including Senior Vice President Drew Baglino, who led the company's engineering efforts in batteries, motors and energy products. Baglino worked at Tesla for 18 years and was often on the same stage as Musk during product announcements and co-hosted the company's earnings calls.

 

The other departing executive was Rohan Patel, who served as Tesla's vice president of public policy and business development.

 

Usually when a company announces job cuts, its stock price jumps as investors welcome the cost-saving measures and expect higher profits in the future.

 

However, the drop in Tesla's stock after the job cuts is causing wariness on Wall Street as investors are increasingly concerned about weakening demand for electric cars.

 

Earlier this month, Tesla reported first-quarter deliveries that far exceeded Wall Street forecasts and marked the company's first quarterly year-over-year sales decline since 2020.

 

"Inventory accumulated in Q1 and it appears that the primary reason for the decline in deliveries was lower demand for electric vehicles across regions, particularly in North America, where EV sales have been essentially flat since the summer of 2023," Bank of America said in a note last week.

 

For his part, Musk said in the memo that the job cuts "will allow us to be lean, innovative and ready for the next cycle of growth."

 

This is Tesla's first major job cut since it laid off employees at its Buffalo, N.Y., plant in February 2023.

Oil prices rose in early Asian trading after hopes diminished that talks between Israel and Hamas would lead to a ceasefire in Gaza and ease tensions in the Middle East.

 

Brent crude futures rose 40 cents to $90.78 a barrel by 0032 GMT. U.S. West Texas Intermediate (WTI) crude rose 35 cents to $86.78.

 

A new round of ceasefire talks between Israel and Hamas in Cairo ended a multi-season rally on Monday, sending Brent crude down for the first time in five sessions and WTI crude down for the first time in seven, amid the prospect of weakening geopolitical risks.

 

But then Israeli Prime Minister Benjamin Netanyahu said Monday that an unspecified date had been set for an Israeli invasion of the Rafah enclave in Gaza, "ending the short-term hopes that gripped the market yesterday that geopolitical tensions in the region might be easing," Tony Sycamore, a market analyst at IG, wrote in a note.

 

Hamas rejected Israel's latest cease-fire offer made at talks in Cairo, a senior Hamas official said Monday.

 

The market continues to weigh the risk of oil supply disruptions. Iran's response to Israel's alleged attack on its consulate in Syria "could drag the oil market into a conflict that has barely touched it since the Hamas attack on Israel," ANZ analysts said in a client note.

 

Tehran said last week it would retaliate after an airstrike that killed two of its generals and five military advisers in Damascus, although Israel did not claim responsibility for the attack.

 

Meanwhile, broader fundamentals are supporting prices. Fuel demand in India hit a record high in the 2024 financial year thanks to a rise in gasoline and jet fuel consumption, data showed on Monday. Improved manufacturing activity in China, announced last week, is expected to boost fuel demand.

 

The market will be watching inflation data due from the U.S. and China this week for further signals on the direction of the economies of the world's two biggest oil consumers.

 

In the Americas, Mexico's state-owned oil company Pemex said it would cut crude exports by 330,000 barrels a day to be able to supply more oil to domestic refineries, reducing by a third the amount of supply available to the company's customers in the U.S., Europe and Asia.

The dollar remained broadly steady on Monday as data showing a decline in U.S. prices bolstered bets that the Federal Reserve may cut interest rates in June, while the yen held near 152 per dollar, keeping traders on guard for the threat of intervention.

 

The price index for personal consumption expenditures, or PCE, rose 0.3 percent in February, the Commerce Department's Bureau of Economic Analysis reported Friday, compared with the 0.4 percent increase that economists had forecast.

 

The report also showed that consumer spending last month rose the most in a year, underscoring the economy's resilience. Most markets around the world were closed Friday.

 

Federal Reserve Chairman Jerome Powell on Friday said the latest U.S. inflation data was "consistent with what we would like to see," in comments that echoed his remarks after the Fed's policy meeting last month.

 

Markets now rate the probability of a Fed rate cut in June at 68.5% versus 57% at the end of last week, as CME's FedWatch tool shows. Traders also estimate the probability of a rate cut this year at 75 basis points.

 

Citi strategists say the Fed remains on track to start cutting rates in June. "If activity persists, the Fed could make three rate cuts this year. But further softening in labor markets leads us to expect five rate cuts this year."

 

The euro rose 0.06 percent to $1.07945, near the more than one-month low of $1.0769 hit last week. Sterling was at $1.2637, up 0.12% for the day.

 

The dollar index, which measures the U.S. currency against six peers, fell 0.038% to 104.42, but remained near the six-week high of 104.73 it reached last week.

 

The currency market has been centered on the yen as its move toward levels last seen in 1990 revives the threat of intervention by Japanese authorities.

 

The yen hit a 34-year low against the dollar at 151.975 on Wednesday and was last at 151.315 per dollar on Monday, a slightly stronger level.

 

Japan intervened in the currency market at 2022, first in September and then in October, when the yen fell to a 32-year low of 152 per dollar.

 

Japan's plans for the yen remain difficult to predict. Its fiscal year is over, which means the Bank of Japan doesn't have to worry about a sudden yen move affecting balance sheets.

 

But news of last week's emergency meeting of the three monetary authorities - the Ministry of Finance, or MOF, the Bank of Japan and the Financial Services Agency - and the officials' entreaties seemed to help bring the yen back from 34-year lows.

 

Finance Minister Shunichi Suzuki said Monday that he was not ruling out options against excessive currency movement and would react accordingly, reiterating his warning against a fast-moving yen.

 

Citi analysts still expect the Japanese authorities to intervene somewhere in the 152-155 per dollar zone, noting that the yen has weakened against the Chinese yuan as well.

 

"We do not expect the IFS to intervene in the Chinese yuan, but further appreciation of this currency pair could be a contributing factor to currency intervention by Japan," they said in a client note on Friday.

 

In other currencies, the Australian dollar rose 0.21% to $0.654 and the New Zealand dollar gained 0.20% to $0.599.

 

In cryptocurrencies, bitcoin was last up 1.83% to $70,927.00. Ether was last up 3.46% to $3,619.20.

Gold prices rose on Tuesday thanks to a weaker dollar as investor attention shifted to U.S. inflation data due out later this week that could shed light on the timing of the Federal Reserve's first interest rate cut of the year.

 

Spot gold rose 0.4 percent to $2,179.43 an ounce. U.S. gold futures added 0.2% to $2,202.7.

 

Gold hit a record high last week after Fed policymakers said they still expect to cut interest rates by three-quarters of a percentage point by the end of 2024, despite recent strong inflation readings.

 

"Unless there is significant news indicating an acceleration in the pace of rate cuts, gold is unlikely to reach a new record high before Easter," said Nitesh Shah, commodity strategist at WisdomTree. "However, we expect new records to be broken by the end of the year," he said. WisdomTree expects gold prices to hit $2,350 in the first quarter of 2025.

 

Traders estimate a 64% probability that the Fed will start cutting rates in June.

 

The dollar index, meanwhile, fell 0.4% against its peers, making gold less expensive for holders of other currencies. The focus will now turn to the core US personal consumption expenditure price index data due for release on Friday.

 

Gold prices have also been supported by increased physical demand from Chinese households amid some skepticism about the outlook for the country's real estate and stock market. This helped offset weaker demand from price-sensitive Indian buyers.

 

Purchases by central banks, which are less price-sensitive than retail consumers, also remained strong, providing additional support for the metal. China's central bank has been the most active buyer since the end of 2022.

 

"The motivation for their gold purchases is to diversify away from G7 currencies, after these currencies were used as weapons in 2022 after the (Russia-Ukraine) war," Shah said.

European markets were flat on Tuesday as global investors await the start of the U.S. Federal Reserve's two-day policy meeting.

 

The pan-European Stoxx 600 index was down 0.01% in early afternoon trading, while sectors traded in mixed territory. Shares of automakers were up 1%, while utilities were down 0.6%.

 

U.S. stocks opened mixed ahead of the Federal Reserve meeting in Washington. Recent inflation reports may prompt the Fed to signal that interest rates will remain higher for longer than expected. Fed funds futures are currently forecasting a 99% probability that the Fed will leave benchmark interest rates unchanged this week, according to the CME FedWatch tool.

 

Meanwhile, it was a dramatic night for Asia-Pacific markets after investors priced in the latest central bank monetary policy decisions from the Bank of Japan and the Reserve Bank of Australia.

 

The Bank of Japan officially ended its negative interest rate policy at its March meeting, raising interest rates for the first time in 17 years and raising the benchmark interest rate from -0.1% to a range of 0% to 0.1%. The bank also lifted its yield curve control policy, a historic change in policy. Markets in the Asia-Pacific region were mostly down on Tuesday following the move.

 

U.S. stocks opened mixed on Tuesday as Wall Street awaited the Federal Reserve's two-day meeting.

The S&P 500 Index fell 0.3% and the Nasdaq Composite lost 0.8%, while the Dow Jones Industrial Average added 0.1%.

 

- Karen Gilchrist

Shares of consumer goods giant Unilever rose Tuesday after the company announced plans to split its ice cream division, which includes Ben & Jerry's and Magnum, as part of a restructuring that will affect 7,500 jobs.

Unilever shares rose 5.6% immediately after the news was released, before paring back the gains slightly, rising 2.9% in the afternoon.

On the other hand, Reckitt Benckiser shares fell 3.9%, cutting gains from the previous session, after a lawsuit was filed in the U.S. over Enfamil infant formula.

 

- Karen Gilchrist

Atos shares fell more than 18% and were suspended Tuesday morning after the French IT company announced that Airbus had ended talks to buy its cybersecurity business.

As a result, Atos is postponing the publication of its 2023 earnings to "evaluate strategic options," the company said in an update to the market.

"Atos is analyzing the current situation and is actively evaluating strategic alternatives that will take into account the sovereign imperatives of the French state," the statement said.

 

- Elliott Smith

While investors are focusing on artificial intelligence companies, Berenberg strategists see one sector as a relatively bargain.

The investment bank noted that investors in the sector outperformed the market by an average of 108% - or more than doubled their money - when they invested on three occasions in the past when valuations were as low as current levels.

Pro-crypto Republican candidate Vivek Ramaswamy has officially withdrawn from the United States presidential race, marking the end of his nearly year-long campaign. Ramaswamy, who gained attention for his outspoken stance on cryptocurrency and blockchain technology, announced at a press conference in Des Moines, Iowa. Despite his efforts to bring a pro-crypto agenda to the forefront of American politics, Ramaswamy cited challenges and an uncertain path to victory as the primary reasons for suspending his presidential campaign. He, however, expressed his decision to throw his weight behind former President Donald Trump, endorsing him for the upcoming election.

 

Vivek Ramaswamy’s Pro-Crypto Agenda

 

Vivek Ramaswamy entered the political arena as a relatively unknown candidate but quickly captured the attention of the crypto community with his bold policy proposals surrounding Bitcoin and other digital assets. Notably, he was the only presidential candidate to introduce a comprehensive crypto policy framework, unveiling “The Three Freedoms of Crypto” on November 16. The policy aimed to protect crypto developers from being held liable for user actions, establish clear regulatory guidelines for new cryptocurrencies, and prevent federal agencies from imposing restrictions on self-hosted wallets. His pro-crypto agenda was built on the belief that these technologies could foster economic growth, innovation, and financial inclusion. Ramaswamy argued that a forward-thinking approach to digital assets could position the United States as a global leader in the crypto space.

 

Ramaswamy’s commitment to the crypto cause was further evident as he actively participated in the “Stand With Crypto” campaign initiated by Coinbase Global Inc (NASDAQ: COIN). He engaged in discussions surrounding digital assets and blockchain-related issues. In December, Ramaswamy took a strong stance against the United States Securities and Exchange Commission (SEC) and its Chair, Gary Gensler. He criticized the SEC’s failure to keep pace with crypto regulation and expressed disappointment that Gensler couldn’t affirm before Congress that Ether should be considered a commodity.

 

Ramaswamy pointed to the limitations of the existing regulatory framework, citing incidents like those involving Sam Bankman-Fried at FTX as evidence that the current structure is ill-equipped to govern the crypto space.

 

The Future of Crypto in US Politics

 

Ramaswamy’s departure from the presidential race leaves a void in terms of a candidate explicitly championing pro-crypto policies. His proposed regulatory reforms included a reduction in the SEC workforce and advocating for a more relaxed regulatory approach within the crypto industry. Ramaswamy’s vision extended to treating most cryptocurrencies as commodities outside the SEC’s jurisdiction. Members of the crypto community were quick to pay their respects to Ramaswamy, with Nic Carter, a general partner at Castle Island Ventures, hailing him as the “most talented” Republican candidate in a generation.

 

However, with Ramaswamy’s exit from the presidential race, the crypto community is left wondering who will champion their cause and advocate for sensible and forward-thinking regulation in the United States the way Ramaswamy attempted. As the 2024 election season unfolds, the fate of crypto-friendly policies in American politics remains uncertain.

Binance, one of the world’s biggest cryptocurrency exchanges, has opened up a localized crypto exchange in Thailand. According to a recent announcement by Nirun Fuwattananukul, CEO of Gulf Binance, the new exchange has satisfied all regulatory requirements and is immediately open for trading. The public launch of the exchange means that residents of Thailand who are interested in trading crypto may now do so on the new platform. There is a caveat, though. Not all residents will be able to access the Binance TH platform. Registration is limited to residents with the Thai National Digital ID. This means that foreigners living in the country may not be able to access the platform.

 

Nirun, who expressed delight in the eventual launch, recalled all the efforts that were put into creating the exchange. His statement read in part: “Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning.”

 

Binance Thailand Offerings

 

Binance Thailand came to be a result of a collaboration between Binance and Gulf Energy Development’s subsidiary Gulf Innova. The new platform will offer digital asset exchange services with Thai baht trading pairs. It has also integrated with local banks in Thailand to expand its reach. According to a company’s release, Binance Thailand will also be partnering with Binance Kazakhstan to offer brokerage services. That will be done under the supervision of Thailand’s Securities and Exchange Commission (SEC).

 

It might be worth noting that, more than the aforementioned offerings, Thailand sees the new exchange as a significant step towards its goal of becoming a major player in the ever-evolving global digital finance landscape. This was shared in a release by Binance CEO Richard Teng. Teng reiterated the immense value that blockchain technology and digital assets bring to world finance, especially in the area of financial inclusion. He then added that Binance Thailand may just have set the stage for Thailand to play a huge part in the world’s finance. Binance has always hammered on its commitment to security, transparency, and the delivery of second-to-none services. So, it has yet again used the new venture to remind users of its resolve to stick by those commitments.

 

Thailand’s Ministry of Finance gave the nod of approval to Binance last May. Securing the license meant that it could act as a regulated crypto exchange and broker, as Coinspeaker previously reported. Notably, Binance Thailand is the latest crypto exchange to be launched in Southeast Asia. Recall that firms like Coinbase, Zipmex, and Gemini also recently established their presence in the same region. Meanwhile, Binance is working not only on its geographical expansion but also on the expansion of the spheres of its activities and offerings. On January 15, it published its 2024 report, spotlighting key growth areas such as the Bitcoin ecosystem, applications in the ownership economy, AI, real-world assets, on-chain liquidity, and institutional adoption.

Legal representatives for former Celsius CEO Alex Mashinsky have filed a motion in federal court seeking the dismissal of charges related to commodities fraud and market manipulation. The motion, filed on January 12 in the United States District Court for the Southern District of New York, urges the judge to drop two felony counts expected to be brought against Mashinsky at his trial in September 2024.

 

The filing argues that the second count of commodities fraud is “repugnant” and “inconsistent” with the first count of securities fraud, particularly in the government’s treatment of cryptocurrencies. The defense contends that it is illogical to view Celsius’s Earn Program as both a security and a commodity simultaneously, urging the court to dismiss one of the counts.

 

The official filing notes: “It is inconsistent and illogical to view the Earn Program as a security for purposes of Count One, and a commodity for purposes of Count Two. It is not clear if the government intends to argue that Celsius’s Earn Program constituted the purchase of a security and the sale of a commodity at the same time […] the government cannot have it both ways and the appropriate remedy is dismissal of one of the counts.”

 

Lawyers Demand Removal of Market Manipulation Charges

 

Furthermore, Mashinsky’s legal team has put forward arguments for the dismissal of count six, which pertains to market manipulation, citing “lack of fair notice”. They contend that the US government has essentially “invented” a criminal offense that otherwise stands as a civil violation. Alongside seeking the dismissal of two out of the seven criminal charges facing the former CEO, the defense has also requested the exclusion of information related to the Celsius bankruptcy from the case. The filing notes: “References to Celsius’s bankruptcy should be stricken from the Indictment. For the same reasons, the government should be precluded from introducing evidence of the Celsius bankruptcy during trial.”

Crypto businesses looking to expand all over the world often face the challenge of needing to secure approval from various regulators to get started. As we’ve seen in the past, this is not always the most straightforward process and can come with a horde of challenges. Thankfully for OKX Middle East Fintech FZE, the Middle Eastern subsidiary of OKX, it will be able to begin its operations in the UAE. This comes as the company has secured a license from the Dubai Virtual Assets Regulatory Authority (VARA).

 

OKX to Begin Operations in the Middle East

 

This news was announced on January 16, 2024, and with it, the company can begin offering spot services and spot pairs to both institutional and qualified retail customers. According to OKX, it will begin operations within the next few weeks and these services can be accessed from both its main exchange and its app. The company’s management has also made it clear that it will be ambitious in pursuing the UAE market. “This allows us to offer services to UAE residents, which we’re going after, including spot trading and fiat-related services, which means deposits and withdrawals of local currency, United Arab Emirates dirham (AED),” said Rifad Mahasneh, OKX General Manager for the MENA Region.

 

Some of the trading pairs that UAE residents will have access to include AED/BTC and AED/ETH. It is quite fitting that OKX is targeting the UAE market considering just how accepting it has been of cryptocurrency in the past. Back in 2016, the country launched a blockchain strategy, making it one of the first in the world to do so. This was followed up with a regulatory framework for cryptocurrency in 2018 which, again, preceded the rest of the world. Historically, the UAE has been a hub for tech development and entrepreneurship and its population has seemed very open to new innovations. Even now, the UAE has the highest public adoption of cryptocurrency, which means that digital assets are well-known to the public.

 

With this sort of foundation, companies like OKX have a viable environment to engage in crypto businesses, as well as the support of the government.  In 2022, the UAE formed the Virtual Asset Regulatory Authority (VARA), which granted the license to OKX. The aim of VARA is to develop regulations that help the crypto sector grow and position the UAE as a global leader in the cryptocurrency industry while still protecting the consumer. Around the world, we have seen countless examples of countries being indifferent, nonchalant and outright hostile to the crypto industry. Fortunately, it seems to not be the case with the UAE, to the benefit of all involved.

Google Cloud, the cloud computing and data storage unit of the technology giant Google, has entered into a strategic partnership with the Flare blockchain to join the network as a validator. The cloud unit has become the latest corporate institution to join the growing list of validators on Flare, verifying blocks, confirming transactions, and proposing new updates to the protocol. These efforts contribute to bolstering security and fostering the overall growth of the Flare blockchain ecosystem.

 

Google Cloud to Provide Infrastructure Solutions to Flare

 

According to a Monday press release, Google Cloud will also serve as a key infrastructure provider for the Flare Time Series Oracle (FTSO). This oracle, known for its high decentralization, plays a pivotal role in providing accurate price data on the Flare network. The move makes the company the 100th organization to embrace FTSO while serving as a validator for the flare network. The active participation of Google Cloud in both validation and infrastructure provision is expected to play a crucial role in reinforcing Flare’s commitment to decentralization and advancing accessibility to decentralized data across diverse applications and other chains.

 

“As the blockchain for data, we are excited that Google Cloud is joining our existing decentralized network of infrastructure providers who contribute to Flare. Our work together will help deliver a more robust decentralized smart contract platform that places decentralized data at its core,” said Hugo Philion, co-founder and CEO of Flare. The protocol said it is on a mission to provide decentralized applications to both its ecosystem and other networks with high-quality access to decentralized data, including price and time data series, blockchain event and state data, and Web2 API data.

 

Flare Joins Google for Startups Program

 

James Tromans, the head of Web3 at Google Cloud, emphasized the importance of data access at scale to elevate relevant blockchain use cases and enhance global adoption of the technology. Tromans stated that the company's becoming a validator on the Flare network will help support the protocol’s mission of providing real-time data to decentralized applications. In parallel, Google Cloud said the protocol has become part of the Google for Startups Program, which aims to accelerate the growth of Web3 startups.

 

The Google program is expected to accelerate the growth of Web3 startups by providing developers on the Flare network access to financial support from the US-based tech giant and its business partners. Reacting to the news of the partnership with Google Cloud, the network’s native token FLR surged 15% to around $0.02 with a market cap of $656 million at press time, according to CoinMarketCap data.

2024 has started off on a positive note for the crypto market. Besides the Bitcoin ETF and the air of excitement that it has created, several altcoins are seeing positive price movement. Along with more optimism from investors, many of these projects offer new and exciting uses for crypto and blockchain. One example of this is TIA, the native token of Celestia. TIA has just crossed the $20 mark, which represents a new all-time price high and places it in the top 40 cryptos by market cap.

 

Celestia (TIA) on the Rise

 

One of the main things that TIA has going for it is being attached to a very innovative project. Celestia is the first modular blockchain network that allows users to deploy blockchain without having to code from scratch and with little expertise required. Given the popularity of blockchain as a whole, this project has been very high in demand and this has been reflected in its token price. Since October 2023, TIA has been steadily on the rise, seeing major spikes in Both December 2023 and January 2024. In this month alone, the token has seen an over 67% increase in its value and this shows no signs of stopping. This is on top of its value growing 10 times what it was during the initial airdrop.

 

Also notable is the way investors have been interacting with TIA as it rises in price. Over the months, the price of TIA would see minor dips followed by aggressive market corrections. Many investors adopted the strategy of trying to buy the dip and then profiting when the price went back up. This was not always successful, however. Take Bombay Trillionaire, a crypto analyst who had tried to short the TIA token but failed to do so after it experienced massive demand from investors. Even though the token has set a new price high and is looking to reach new heights, it is not certain whether or not it will see a correction Some ambitious analysts expect that TIA will get to the $24 mark at some point and this will make it an even more prominent token.

 

Besides being in the top 40 tokens in terms of market cap, TIA is also listed on CoinGecko’s trending tokens list. Moving forward, a lot of its growth will likely be driven not just by the speculation about its token but the underlying blockchain. The blockchain sector as a whole seems to be entering a period of growth and this will mean that Celestia will be more high in demand. Making it easier for developers to deploy blockchains with efficiency will likely keep Celestia relevant for the foreseeable future. As 2024 unravels, the market will see if TIA maintains this momentum and gets new price highs.