Daily Market Update: February 8, 2024

February 8, 2024

BTC is currently trading around $45,300 and ETH around $2,450.  Notable gainers in the last 24 hours are BTT, DYM, and STX.  The global crypto market cap is $1.81T, up 4.4% over the last day.  DeFi Total Value Locked is ~$63b and BTC dominance is around 53%.

Bitcoin is up 5% over the last 24 hours, with media reports attributing the strength to continued inflows into spot Bitcoin ETFs, heightened liquidations, and US banking sector worries.

Notable news includes: a BIS paper called on countries to draft regulations for the metaverse; Hong Kong published a consultation paper that includes anti-money laundering requirements for OTC crypto traders; South Korea announced the implementation date for its Virtual Asset User Protection law that requires exchanges to hold at least 80% of assets in cold storage; Terra cofounder Do Kwon’s extradition was revoked by a Montenegro court; digital assets platform Bakkt warned that it may go out of business; Binance cofounder Yi He warned employees of severe consequences for disclosing information about upcoming listings; the CEO of Bitcoin mining firm Hut 8 stepped down; Bitmain’s mining firm BitFuFu is set to go public in the US via a SPAC; miner CleanSpark acquired four new mining facilities and intends to double its hash rate in 1H24; Ethereum developers announced Dencun will go live on Ethereum mainnet on March 13; Pandora launched an experimental token standard ERC-404 that combines ERC-20 and ERC-721 characteristics; Frax Finance launched its Ethereum Layer 2 network Fraxtal; and, crypto bridge project Wormhole announced an airdrop.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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