Daily Market Update: February 22, 2024

February 22, 2024

BTC is currently trading around $51,100 and ETH around $2,950.  Notable gainers in the last 24 hours are AGIX, WLD, and RNDR.  The global crypto market cap is $2.05T, up 0.7% over the last day.  DeFi Total Value Locked is ~$75b and BTC dominance is around 53%.

Yesterday’s FOMC meeting minutes revealed a sense of optimism that Fed policy is helping to lower inflation, though Fed officials expressed concern around the risk of cutting rates too quickly, noted a desire for increased confidence that inflation is moving towards its 2% target before cutting rates, and emphasized the importance of assessing incoming data.  Elsewhere, Nvidia is up 12% premarket after reporting better than expected earnings and forward guidance.  AI-related tokens are performing well on the news.

Notable news includes: Two ECB officials wrote a blog post claiming that the fair value of Bitcoin is zero; Nigeria has reportedly blocked the websites of popular crypto exchanges like Binance, Coinbase, and Kraken; The Crypto Freedom Alliance of Texas sued the SEC demanding that the court rule on the status of digital assets sold on the secondary market; the head of the SEC’s crypto legal team Ladan Stewart left the agency to join a pro-crypto law firm; crypto lawyer John Deaton officially launched his Senate bid running against crypto critic Elizabeth Warren; SBF hired a new legal team; gaming centric blockchain Oasys announced a collaboration with Kakao Games; Bored Ape Yacht Club co-creator Greg Solana became the new CEO of Yuga Labs; a16z invested $100m into restaking protocol Eigenlayer; Polygon and StarkWare collaborated to create Circle STARKs, a new zero knowledge proof that is 7-10x faster than current zero knowledge proofs; and, Montenegro’s High Court decided that Terra co-founder Do Kwon will be extradited to the US.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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