Daily Market Update: Feb 6, 2023

February 6, 2023

BTC is currently trading around $22,900 and ETH around $1,650. Notable gainers in the last 24 hours are FET, GRT, and RNDR. The global crypto market cap is ~$1.11T, down ~1.0% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 43%.

Markets are down broadly entering the week, with equities, bonds, and crypto all slightly lower. It’s a relatively light week, with speeches from Christine Lagarde and Jay Powell today and tomorrow, German CPI on Thursday, and UK GDP on Friday being some of the more prominent events. Earnings will also continue to be a factor despite passing the peak of the most pivotal releases. 

Notable news includes: South Korea broadened its rules defining security tokens; FTX formally asked politicians who received donations from SBF to return the money; Filecoin’s protocol labs laid off one-fifth of its staff; crypto exchanges made up 84% of the industry’s reported job cuts in January; a committee was appointed to represent the interests of Genesis’s unsecured creditors; the bidding deadline was extended for FTX Japan; a single entity withdrew $120m in bitcoin from crypto exchange Gate; as a prominent investor in LayerZero, a16z controversially voted against Uniswap’s deployment on BNB Chain due to the proposals use of Wormhole as the bridge provider; StarkWare announced plans to open source its proprietary StarkNet Prover under the Apache 2.0 license; StarkWare partnered with Chainlink to onboard its oracle services to StarkNet; decentralized options protocol Lyra deployed on Arbitrum; FTM soared as Fantom prepared to relaunch its native stablecoin; NounsDAO revealed its creating an NFT comic book series; crypto VC firm Pantera’s co-CIO Joey Krug departed the firm after its liquid token fund lost ~80% in 2022; Ethereum restaking protocol EigenLayer raised $50m; Jack Dorsey-backed decentralized Twitter alternative Damus was banned in China; and, the pseudonymous founder behind the Little Shapes NFT project revealed it was actually a social experiment designed to shed light on NFT botnet scams, claiming in a 158-page document that NFT Twitter was largely manipulated by a single botnet. 

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

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