BTC is currently trading around $97,500 and ETH around $2,700. Notable gainers in the last 24 hours are TKX, and FTN. The global crypto market cap is $3.31T, down 5.3% over the last day. DeFi Total Value Locked is ~$108b and BTC dominance is around 62%.
Equities traded higher today, while digital assets are lower after Trump delayed tariffs on Mexico and Canada by a month but China placed retaliatory tariffs on select US imports. Positively, President Trump signed an executive order to create a US sovereign wealth fund, and some are hoping it may include digital assets. In addition, US Crypto Czar David Sacks held a press conference today to announce a Congressional working group intended to create a regulatory framework for digital assets and stablecoins. However, the press conference may have disappointed on the strategic reserve front, as Sacks stated that evaluating one is “in the very early stages.” In addition, disappointing earnings from Google that pushed its stock down 8% post-close may also be weighing on crypto markets.
Notable news includes: US Senator Hagerty introduced the GENIUS Act to regulate stablecoins; SEC Commissioner Peirce stated that the SEC is considering providing temporary prospective and retroactive relief for token offerings; the SEC began requiring top-level approval before launching investigations; ex-Coin Center Director Zinda joined the SEC as a senior advisor; the CFTC probed crypto.com and Kalshi over whether its Super Bowl sports event contracts complied with derivatives regulations; Coinbase sent a letter to key US banking regulators asking them to take steps to ensure against crypto debanking; FTX will begin distributing convenience class claims on February 18; crypto.com revealed plans to file for a Cronos ETF and launch a stablecoin; Base announced the integration of a Farcaster feed into Coinbase Wallet; Semler Scientific purchased an additional $89m of BTC; R3 and Chintai partnered to launch a tokenized, ESG-focused fund; Galaxy partnered with BitGo to offer staking services to BitGo customers; Ethereum raised its gas limit for the first time in over three years following signaling by validators; Berachain announced it will launch its mainnet in two days; Helium Mobile opened its waitlist for its free 5G wireless plan; Trump’s World Liberty sent $307m of crypto to Coinbase Prime; and, the owner of Enron intellectual property launched a memecoin.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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