Daily Market Update: February 19, 2024

February 19, 2024

BTC is currently trading around $52,100 and ETH around $2,900.  Notable gainers in the last 24 hours are WLD, GRT, and AR.  The global crypto market cap is $2.08T, up 1.8% over the last day.  DeFi Total Value Locked is ~$75b and BTC dominance is around 53%.

Global equity markets and rates are little changed ahead of a quiet week.  Investors will be watching the FOMC minutes and Nvidia earnings on Wednesday, and the Eurozone PMI reports on Thursday.

Notable news includes: South Korea’s ruling party pledged to delay taxes on crypto for two years and is reportedly considering pledging to allow spot Bitcoin ETFs in the country ahead of the April election; Japan authored a proposal that, pending legislative approval, would allow VCs to invest in companies dealing with cryptocurrencies; Honduras prohibited financial institutions from engaging in crypto-related activities; Bitcoin ETFs saw $2.2b in net inflows last week, per Bloomberg; Bitcoin futures open interest reached the highest level since November 2021; venture funding for blockchain and crypto startups increased in 4Q23 for the first time in 1.5 years, per Pitchbook; crypto projects have given out more than 115 billion points, per The Block; Revolut is designing a new crypto trading platform for seasoned traders; bankrupt crypto lender Celsius announced that most eligible creditors have now collected their liquid crypto distributions; Yuga Labs acquired Kevin Rose’s PROOF, including the Moonbirds NFT collection; Vitalik Buterin penned a report describing the benefits of Verkle Trees; WorldCoin’s WLD token is up over 200% over the last seven days as its World App surpassed 1m daily active users; and, Filecoin integrated with Solana to enhance the reliability and scalability of the Solana blockchain.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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