Daily Market Update: February 16, 2024

February 16, 2024

BTC is currently trading around $52,100 and ETH around $2,800.  Notable gainers in the last 24 hours are RNDR, SATS, and TAO.  The global crypto market cap is $2.05T, down 0.1% over the last day.  DeFi Total Value Locked is ~$73b and BTC dominance is around 54%.

Global equity markets are mixed and rates are higher after US wholesale prices rose more than expected in January, suggesting that inflation may remain stubbornly high and the Fed could keep rates higher for longer.

Notable news includes: China is updating its money laundering laws to include risks associated with virtual assets; the Ethiopian government partnered with a Hong Kong data center operator to mine Bitcoin; several US banking groups asked the SEC to reassess regulations making it expensive for traditional banks to offer crypto custody services; US Fed governor Waller stated that dollar-pegged stablecoins can boost the dollar’s dominance; GoFundMe shut down crowdfunding for the legal defense of the Tornado Cash developers; there is speculation that MicroStrategy could eventually be added to the S&P 500, though its market cap would need to materially rise and S&P’s executive committee would also have to approve the addition; Coinbase stock is up 13% pre-market after reporting strong 4Q earnings; Bitwise’s Bitcoin ETF broke $1b in assets, joining Blackrock and Fidelity; Samczsun launched a Security Alliance for crypto cybercrime victims; Galaxy estimated that 15-20% of hash rate could go offline upon the next Bitcoin halving; researchers estimated the cost to attack Bitcoin and Ethereum is $20b and $34b, respectively, which would far outweigh the benefits; Aptos partnered with smartphone maker Jambo to build a $99 phone designed to unlock the digital economy for users in Africa, Southeast Asia, and Latin America; Optimism experienced a series of outages and instabilities as its sequencer stopped producing blocks; the Uniswap Foundation revealed that Uniswap v4 will likely launch in 3Q; Solana-based Backpack Exchange surpassed $300m in trading volume in the first day of its pre-season beta launch; Ethena released its USDe stablecoin backed by ETH and ETH perps; and, Apecoin DAO voted to build its gaming-focused ApeChain as an L3 on top of Arbitrum.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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