Daily Market Update: Feb 28, 2023

February 28, 2023

BTC is currently trading around $23,500 and ETH around $1,650. Notable gainers in the last 24 hours are AGIX, IMX, and SNX. The global crypto market cap is ~$1.13T, down ~1.2% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 44%.

Notable news includes: Illinois has introduced a pair of bills that would require crypto firms to seek licensing similar to New York’s BitLicense; Robinhood disclosed its receipt of an SEC subpoena in December related to its custody and listing of crypto assets; Visa and Mastercard halted new crypto partnerships; Solana developers have yet to determine the cause of its latest network outage; Coinbase announced the suspension of BUSD trading; TrueUSD has become the fifth largest stablecoin as Binance has increased its usage; Ethereum’s Sepolia testnet successfully underwent the Shanghai hard fork; Optimism-based DEX Velodrome generated record fee revenue in the week following Coinbase’s BASE announcement; Scroll’s zkEVM went live on Ethereum’s Goerli testnet; the NFT awarded to the top scorer in Yuga Labs’ Dookey Dash sold for 1,000 ETH ($1.6m); Yuga Labs announced it would release an NFT collection on Bitcoin’s Ordinals; Ethereum NFT trading volume reached its highest level since May; the Blockchain Founders Fund closed a $75m round to support seed and pre-seed web3 projects; Algorand’s MyAlgo wallet warned a subset of users to withdraw funds amidst an ongoing exploit; and, crypto crime hit a record $20.6b in 2022 according to Chainalysis.

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

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