Daily Market Update: February 28, 2024

February 28, 2024

BTC is currently trading around $60,500 and ETH around $3,350.  Notable gainers in the last 24 hours are PEPE, AR, and TON.  The global crypto market cap is $2.36T, up 4.2% over the last day.  DeFi Total Value Locked is ~$90b and BTC dominance is around 54%.

Equity markets are lower ahead of tomorrow’s US inflation data, while Bitcoin continues to rally on strong spot Bitcoin ETF inflows.  Indeed, yesterday’s cumulative inflows of $579m were the third highest since the spot Bitcoin ETFs were approved, while total trading volume surpassed $3b.

Notable news includes:  Hong Kong announced it will roll out a regulatory sandbox for stablecoin issuers; the Fed released a research paper highlighting the pros and cons of issuing a CBDC; Fidelity Canada’s new all-in-one ETFs allocate 1-3% to crypto; messaging giant Telegram announced that it will start sharing advertising revenue with users with payments and withdrawals settled on the TON blockchain; Bitcoin-focused payments app Strike expanded its services to Africa; Kraken launched a new institutional division; Bitcoin miner Hut8 announced it will deploy its HODL for growth initiatives; Eth devs shared an activation time for Dencun of March 13th at 13:55 UTC; decentralized social media platform Lens opened access for anyone to join or build on; Uniswap announced it will launch a web extension for its native wallet; Justin Sun shared a screenshot of his HTX account holding $1.6b in Bitcoin; and, SBF’s lawyers argued for a 78 month prison sentence in a new filing.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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