Daily Market Update: February 2, 2024

February 2, 2024

BTC is currently trading around $43,000 and ETH around $2,300.  Notable gainers in the last 24 hours are IMX, PYTH, and LINK.  The global crypto market cap is $1.73T, up 1.1% over the last day.  DeFi Total Value Locked is ~$58b and BTC dominance is around 53%.

Interest rates are higher after US employment and wages grew faster than expected in January.  Specifically, non-farm payrolls grew by 353,000 during the month, well above the consensus 185,000 estimate, while wages grew by 4.5% over the last year, above the 4.1% consensus.  Separately, Meta shares are up ~20% after the company tripled earnings and announced its first ever dividend.

Notable news includes: Hong Kong revealed plans to consult on a framework for OTC crypto venues soon, and also stated that unlicensed VASPs must cease operations by May 31; Thailand’s SEC directed Zipmex to temporarily suspend its digital assets trading center and broker services due to financial and operational deficiencies; the Reserve Bank of India is exploring privacy tech solutions for a potential CBDC; 17 additional Russian banks joined the central bank’s digital ruble pilot; Genesis reached a settlement with the SEC to pay a $21m civil penalty over the Gemini Earn program; new monthly addresses on Solana reached an all-time high; liquid restaking protocol Puffer Finance attracted nearly $200m on its first day; and, the bankruptcy claims trading exchange OPNX announced that it will close.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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