Daily Market Update: February 14, 2024

February 14, 2024

BTC is currently trading around $51,700 and ETH around $2,750.  Notable gainers in the last 24 hours are SEI, DYM, and PYTH.  The global crypto market cap is $2.03T, up 3.8% over the last day.  DeFi Total Value Locked is ~$71b and BTC dominance is around 54%.

Crypto continues to rally after $180m was liquidated over the last 24 hours, the Crypto Fear & Greed Index hit Extreme Greed for the first time in years, and Bitcoin ETFs passed $3b in net inflows, shattering the performance of gold ETFs when they first launched.  Bitcoin has now regained its $1T market cap, and its market cap is nearing that of Meta’s.

Notable news includes: Japan’s main financial regulator unveiled a series of proposed measures for peer-to-peer crypto transactions; the US Treasury will outline its fears about the use of crypto in illicit finance at an upcoming hearing; Avalanche launched its Durango upgrade on the Fuji testnet to facilitate trustless communication across EVM chains; layer 2 scaling solution Starknet set its airdrop date for Feb 20; high-speed layer 1 blockchain Sei upgraded its testnet with Ethereum compatibility; and, Sushi announced it will launch a decentralized derivatives exchange on Layer N called Susa.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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