Daily Market Update: February 5, 2024

February 5, 2024

BTC is currently trading around $43,400 and ETH around $2,350. Notable gainers in the last 24 hours are SUI, LINK, and FXS. The global crypto market cap is ~$1.74T, up 0.9% over the last day. DeFi Total Value Locked is ~$58b and BTC dominance is around 53%.

Traditional markets took a step backwards after Fed Chair Powell cautioned that the Fed’s future policy easing may be slower and less extreme than markets anticipate. Crypto prices remained resilient and are still modestly positive on the day.

Notable news includes: South Korean regulators are reportedly discussing spot Bitcoin ETFs with the SEC; El Salvadoran President Bukele secured a second five-year term and has plans to expand the country’s pro-Bitcoin agenda; daily active users on Farcaster continued to break all-time highs in response to the ongoing success of Frames; Ethereum L2 Mode breached $60m in TVL within four days of announcing its airdrop campaign; Valkyrie became the first US-listed spot Bitcoin ETF to diversify custody risk by adding a second custodian to the fund (BitGo); and, Genesis agreed to settle its lawsuit with the SEC for $21m.

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

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