BTC is currently trading around $24,000 and ETH around $1,650. Notable gainers in the last 24 hours are FLOKI, STX, and XTZ. The global crypto market cap is ~$1.14T, down ~2.2% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 44%.
Risk assets are generally continuing their downward trend, with global equities and crypto heading lower. U.S. equities have slightly diverged from the pack, opening to a small positive gain. Investors will focus on dissecting the Fed’s meeting minutes this afternoon, looking for any additional insights behind the Fed’s unanimous 25 bp hike at the last FOMC meeting.
Notable news includes: France is piloting in-store crypto payments via Binance Pay; Hong Kong revealed plans to spend $50m to accelerate web3 development in the region; trading platform eToro was granted a BitLicense to provide crypto services in NY state; Immutable and Polygon Labs added to layoffs, cutting ~11% and ~20% of staff, respectively; Solana Spaces revealed its physical store fronts would close just seven months after opening in NYC and Miami; Coinbase beat Q4 earnings despite falling transaction volume; ANKR rallied more than 70% after a partnership was revealed to offer node hosting services on Microsoft’s Azure; daily transactions on Arbitrum surpassed those on Ethereum mainnet; Cosmos’s Interchain Foundation allocated $40m for ecosystem development in 2023; DraftKings announced the launch of its Polygon-based NFT fantasy golf game in partnership with the PGA Tour; Blur announced its season 2 airdrop is prioritizing loyalty and would benefit users that list NFTs strictly on the Blur marketplace; BlockTower Capital quietly parted ways with a pair of veteran executives; the former head of VC at Binance announced plans to raise over $100m in a new crypto VC fund; PayPal co-led a $20m seed round for on-chain risk optimizer Chaos Labs; and, LinksDAO proposed the purchase of a newly marketed golf course in Scotland.
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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