Trading Desk Market Update: 2/2

February 2, 2022

BTC is currently trading around $38,000 and ETH around $2,750.  Notable gainers in the last 24 hours are QNT, ICP, and LEO.  The global crypto market cap is $1.84T, down 1.3% over the last day.  DeFi Total Value Locked is ~$197b and BTC dominance is around 42%.

Notable news includes: A recently released SEC proposal to amend the definition of “exchange” could have regulatory implications for DeFi; El Salvador is relaunching its Chivo wallet to improve stability and scalability; Jordan revealed that it is researching issuing a CBDC; Google is exploring adding blockchain technology for its flagship services; MicroStrategy has taken a $147m 4Q impairment charge on its BTC holdings; $1b worth of ETH has been burned in the last 30 days due to record high NFT transactions; Crypto exchange FTX announced the acquisition of Japan-based Liquid Group; OpenSea hit a record $5b in monthly sales; Cardano is increasing its block size by 11% to improve scalability; and, Solana has launched payments protocol Solana Pay, while a Github proposal suggested implementing a fee market to combat spam on the network.

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