Daily Market Update: February 13, 2024

February 13, 2024

BTC is currently trading around $48,700 and ETH around $2,650.  Notable gainers in the last 24 hours are AKT, BLUR, and MNT.  The global crypto market cap is $1.93T, down 0.5% over the last day.  DeFi Total Value Locked is ~$69b and BTC dominance is around 54%.

Equity markets are lower while yields are higher as US consumer prices rose more than expected in January.  Specifically, headline and core CPI increased 3.1% and 3.9% over the last year, respectively, compared to expectations of +2.9% and +3.7%.  The higher than expected inflation will likely tamper expectations for Fed rate cuts, where traders currently expect a 42% chance of a cut in May.  Meanwhile in crypto, Bitcoin breached $50,000 for the first time since December 2021 after CoinShares reported $1.1b in bitcoin ETF inflows last week, though BTC has come off slightly in the wake of the inflation report.

Notable news includes: The Philippines central bank stated its intention to launch a wholesale CBDC in the next two years; Binance founder CZ’s sentencing date was postponed until late April; Coinbase unfroze Debt Box’s assets after finding discrepancies in the SEC’s representation of its case against the firm; Ledger is collaborating with Coinbase to allow users to receive purchased crypto directly to their hardware wallet; Michael Saylor stated that MicroStrategy is now a Bitcoin development company; Ripple announced the acquisition of Standard Custody & Trust Co, securing a New York trust charter; developers released the experimental DN-404 token standard to create NFTs with native fractionalization built in; major Ethereum L2s finalized the first Rollup Improvement Proposal (RIP-7212), which will improve the compatibility of smart contract execution with existing hardware and software vendors; and, Optimism completed the first phase of its Security Council rollout as part of its progressive decentralization effort.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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