Daily Market Update: January 24, 2025

January 24, 2025

BTC is currently trading around $106,100 and ETH around $3,400.  Notable gainers in the last 24 hours are LDO, KCS, and TKX. The global crypto market cap is $3.80T, up 0.7% over the last day.  DeFi Total Value Locked is ~$127b and BTC dominance is around 59%.

The Bank of Japan raised interest rates to their highest level in 17 years, revised its inflation forecast higher, and signaled more hikes to come with timing to-be-determined based on incoming data.  While the yen has appreciated in response, the move was anticipated and, unlike in early August, markets are taking it in stride.  Also getting a lot of attention is Trump’s virtual speech at Davos.  While he spoke of many pro-growth ideas, such as pressuring central banks to lower interest rates or oil producing countries to cut crude prices, most came away believing these requests are out of his control.

Notable news includes: the SEC rescinded the controversial accounting rule SAB 121 that required financial institutions to list crypto assets held on behalf of customers as liabilities on their balance sheet; White House Crypto Czar Sacks called NFTs and memecoins “collectibles”; Vitalik called the TRUMP memecoin the “perfect bribery vehicle”; Canada enhanced its AML monitoring of crypto; ECB officials advocated for a digital euro to combat Trump’s support of USD-pegged stablecoins; video-sharing platform Rumble revealed plans to introduce a crypto wallet for content creator payments; UTXO Management and Sora Ventures acquired HK Asia Holdings Limited; the Truth Terminal founder sold a large portion of its Fartcoin holdings; Vitalik authored a new blog post advocating to cement ETH as a “triple-point asset” within the Ethereum ecosystem; Ethereum gaming L2 Ronin became flooded with memecoins via the Tama launchpad; and, THORChain suspended Bitcoin and Ethereum withdrawals within its lending and savings programs after reports of a $200m liability surfaced.

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Author:
Brian Rudick, Head of Research | TwitterTelegramLinkedIn
Carlos Guzman, Research Analyst | TwitterTelegramLinkedIn
Toe Bautista, Research Analyst | TwitterTelegramLinkedIn

 

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