Daily Market Update: February 9, 2024

February 9, 2024

BTC is currently trading around $47,500 and ETH around $2,500.  Notable gainers in the last 24 hours are RUNE, TAO, and DYM.  The global crypto market cap is $1.87T, up 4.5% over the last day.  DeFi Total Value Locked is ~$65b and BTC dominance is around 53%.

Bitcoin continues to rally and is up 6% over the last 24 hours.  In addition to continued ETF inflows, heightened liquidations, and banking worries as the reasons for the rally cited yesterday, others are also pointing to reduced miner selling, traditional equity market performance spilling over after the S&P 500 briefly touched 5,000 for the first time ever, and the Chinese New Year during which Bitcoin has historically performed well.

Notable news includes: US spot Bitcoin ETFs now account for 10-15% of the total Bitcoin spot trading volume across global centralized exchanges, per Coinbase; several top executives at crypto media firm CoinDesk were replaced by Bullish, which recently acquired the media outlet; restaking protocol Eigenlayer now has nearly $6b in TVL, up 180% over the last week and passing Uniswap for the fifth highest of all dapps; the Polygon zkEVM prover reached type 1 status; and, privacy-focused Ethereum L2 COTI integrated MPC technology into the protocol.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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