Daily Market Update: February 7, 2024

February 7, 2024

BTC is currently trading around $43,100 and ETH around $2,400.  Notable gainers in the last 24 hours are DYM, CFX, and JUP.  The global crypto market cap is $1.74T, up 1.0% over the last day.  DeFi Total Value Locked is ~$61b and BTC dominance is around 53%.

Notable news includes: The US SEC adopted rules to expand the definition of a “dealer” that may negatively impact crypto, though uncertainty remains; a Canadian court affirmed the legality of a crypto mining ban in British Columbia; Thailand announced that it will exempt cryptocurrency trading earnings from value-added taxes; MicroStrategy purchased another $37m of BTC; MetaMask partnered with Robinhood to enable in-wallet crypto purchases for US users; Ethereum developers successfully deployed Dencun on the Holesky testnet; Solana is back online after an outage halted operations for ~five hours yesterday; layer one blockchain Hedera secured a $250m partnership agreement with Saudi Arabia to foster web3 and tech development in the country; Jack Dorsey’s decentralized social media Bluesky removed its invite-only restriction; surging activity on Farcaster spawned a new wave of memecoins on Base, including DEGEN; rollApp platform Dymension launched its mainnet; and, Aave’s GHO stablecoin reached its $1 peg.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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