BTC is currently trading around $42,700 and ETH around $2,300. Notable gainers in the last 24 hours are LINK, APE, and MINA. The global crypto market cap is $1.72T, down 0.3% over the last day. DeFi Total Value Locked is ~$57b and BTC dominance is around 53%.
Equity markets fell yesterday after the Fed held rates steady and cautioned that a rate cut in March in unlikely, disappointing traders. Positively, Fed Chair Powell did state that economic growth has been solid and that inflation is expected to decline. Elsewhere, Alphabet and Microsoft sold off despite reporting strong earnings results, while Apple, Amazon, and Meta are due to report after the close today. Meanwhile in Europe, headline and core consumer prices increased 2.8% and 3.3% year-over-year in January, respectfully, both down 10 bps from December though core price growth was slightly higher than expected.
Notable news includes: The US Energy Information Administration will start to collect electricity consumption data from US-based crypto mining companies starting next week; US lawmakers pushed back against a proposed rule by the Consumer Financial Protection Bureau citing a lack of clarity for crypto companies; Russia’s largest securities and banking association NAUFOR launched a council for the self-regulation of digital assets; German banking giant DZ Bank revealed plans to pilot crypto trading this year; FTX stated that it could “cautiously predict” to repay customers and creditors in full, though customer assets would be valued based on crypto prices as of November 2022; Celsius began distributing $3b worth of crypto and fiat to its creditors; Binance launched a marketplace for inscription tokens; Solana DEX aggregator Jupiter registered $1.4b in one-day trading volume amidst the launch of its native token; Blast was accused of forking Optimism’s code without giving credit; Robert Leshner’s Superstate debuted its tokenized short-term treasury fund USTB on Ethereum; and, Delegate and LayerZero launched a cross-chain web3 human readable domain name protocol called Clusters.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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