Daily Market Update: Feb 1, 2023

February 1, 2023

BTC is currently trading around $23,100 and ETH around $1,600. Notable gainers in the last 24 hours are DYDX, AR, and BTSE. The global crypto market cap is ~$1.09T, up ~0.1% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 45%.

Risk assets are mixed, with U.S. equities pointing to a lower open, European equities are slightly higher, and crypto is largely unchanged. Eurozone inflation came in at 8.5% this morning, meaningfully lower than the 9% expected. Markets mostly brushed off the result as it’s not anticipated to cause the ECB to deviate from the 50 bp hike expected tomorrow, given core inflation remained unchanged. The Fed is universally expected to hike by 25 bps this afternoon, but investors will be keenly focused on any guidance toward the trajectory of the next two or three meetings. The BoE will also join the ECB with an interest rate decision tomorrow, with markets expecting a 50 bp hike. 

Notable news includes: Celsius posted a list of users eligible to withdraw from its platform; Ethereum’s staking withdrawal testnet is set to launch today; GBP-backed stablecoin issuer Poundtoken partnered with BitcoinPoint to make its GBPT stablecoin accessible via a network of ~18,000 ATMs across the UK; Core Scientific is seeking approval from its bankruptcy judge to borrow $70m from B. Riley to finance continued operations; Greenidge also restructured its debt with B. Riley; NFT trading platform Blur reportedly found a loophole in OpenSea’s blocklist that aimed to blackball marketplaces that didn’t enforce royalty payments; Hamilton Lane opened the first of its tokenized feeder funds aimed at democratizing access to private equity via lower investment minimums; SIMBA Chain received $30m in funding from the US Air Force; Cronos Labs announced the opening of applications for its second cohort in its $100m web3 accelerator program; and, the co-founders of Bison Trails both departed from Coinbase. 

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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