Daily Market Update: Feb 8, 2023

February 8, 2023

BTC is currently trading around $23,000 and ETH around $1,650. Notable gainers in the last 24 hours are SAND, NEAR, and IMX. The global crypto market cap is ~$1.13T, up ~0.9% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 43%.

Notable news includes: U.S. prosecutors asked the SEC and CFTC to postpone their fraud cases against FTX until the conclusion of the DoJ’s criminal case; the SEC directed its examiners to give extra scrutiny to broker-dealers dealing in crypto this year; the Bank of International Settlements’ research arm revealed it would heighten its focus on CBDCs; Fox announced a ban on cryptocurrency commercials during this year’s Super Bowl; Dell joined Hedera’s governing council; the first staked ETH withdrawal was processed on the Zhejiang testnet; ConsenSys released a statement supporting the view that staked assets should be treated as “created property” that’s taxed at disposition; Sandbox’s token rallied after signing a memo of understanding with Saudi Arabia that is sparse on details but presumably tied to the country’s Metaverse initiatives; the average Bitcoin block size reached a record 2 MBs; Kazakhstan’s President signed legislation to limit energy usage on crypto mining; Bitcoin miner Stronghold restructured its remaining $55m of debt; cloud mining firm BitFuFu delayed its SPAC; crypto VC investing was down 75% in 4Q22; Cryptex Finance launched a new index token tracking the top 10 NFT collections; Binance is airdropping $100 in BNB tokens to its Turkish users in the wake of the country’s devastating earthquake; a former Coinbase product manager pled guilty to insider trading; and, South Korean officials confirmed they have traveled to Serbia in search for Do Kwon.

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

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