Greenback tumbles
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 28th January 2026.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Ethereum Reclaims $3K Mark
On a day when Bitcoin mostly meandered — even as the dollar slumped — Ethereum firmly recaptured the key $3,000 mark. As of Tuesday evening, ETH was trading at $3,005, up 3% over the previous 24 hours, said CoinGecko.
The second-largest crypto has lost 6% of its value over the past two weeks. Only a couple of days ago, ETH sank to as low as $2,800 amidst a gloomy overall global macro backdrop and also, more specifically, some network security concerns.
More recently, however, investors have cheered news that Tom Lee’s ETH treasury, Bitmine, had completed the purchase of more than 40,000 ETH, upping its holdings to more than 3.5% of the outstanding supply (Motley Fool).
What's down
Dollar Doldrums Persist
The dollar tumbled on Tuesday. A world of foreign exchange traders took notice. The down move happened soon after President Trump said he wasn’t concerned about the greenback’s recent slide, having logged its worst year since 2017.
Yesterday, the U.S. dollar index (DXY) fell to 95.80, down more than 1% against the euro, yen and Aussie dollar, among others. The British pound right now is the strongest it’s been versus the dollar since October of 2021.
As of Tuesday night, the Bloomberg Dollar Spot Index was on the verge of recording its steepest four-day drop since last April when Trump first unveiled his tariffs. It has been, said Bloomberg, a “relentless slide.”
Why such a slump? It stems from U.S. policy uncertainty, said James Lord, a Morgan Stanley currency strategist.
What's next
Keeping A Close Eye On ETF Flows
As the greenback slid yesterday, Bitcoin climbed, ever so slightly, securing a snug perch at $89.1K. Not quite the psychologically crucial $90K mark but a start for bulls eyeing a return to mid-$90K levels. BTC’s low ebb over the past week was $86.3K.
Earlier this week, BTC ETFs netted a $7M inflow, relatively puny but at least putting an end to a five-day outflow streak.
The Federal Reserve decision on interest rates is set for later today. On Polymarket, the highly liquid "Fed Interest Rate Decision: January 2026-No Change” contract is trading at $0.99, or “at a 99% probability;” put another way, you’d need to wager $99 to score one dollar (which is really only, what, like 95 cents?)
Traders will be glued to the press conference later this afternoon. The embattled chair could signal a "dovish pause," which would be a dampener for risk-assets like crypto, CoinDesk cautioned.
We’ll be checking ETF receipts. Sustained inflows should represent a positive sign given the recent streak of outflows and considering spot BTC’s feeble performance (-5%) over the past fortnight or so.
David Morrison, an analyst at Trade Nation, told Decrypt that BTC could be looking at a support zone “from around $85,000 up to $90,000.”
Morrison added that while there has been “considerable disappointment” over BTCs failure to build on a positive start to 2026 — recall if you can how it reached close to $98K on January 14 — things could improve further, provided ETF inflows continue to increase over the next week.
