Daily Market Update: Jan 20, 2023

January 20, 2023

BTC is currently trading around $21,100 and ETH around $1,550. Notable gainers in the last 24 hours are NEXO, SNX, and RPL. The global crypto market cap is ~$1.01T, up ~1.3% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 43%.

Notable news includes: Genesis filed for Chapter 11 bankruptcy, but notably its trading subsidiary Genesis Global Trading is not included; Genesis owes more than $3.5b to its top 50 creditors; Token Unlocks’ 2022 annual report estimates $102b worth of tokens will unlock in 2023; China’s digital yuan added smart contract functionality; FTX CEO John Ray is evaluating the possibility of restarting FTX’s operations; Huobi confirmed Justin Sun is now leading the exchange; Nexo agreed to pay $45m to settle with the SEC for failing to register its Earn product; Frax hinted at launching a regulatory compliant stablecoin; Paxos posted a proposal to Maker’s governance forum soliciting the DAO to increase USDP’s debt ceiling to $1.5b; Robinhood launched its self-custody wallet for Ethereum and Polygon; 1inch launched a multi-coin hardware wallet; SSV DAO launched a $50m fund to push Ethereum’s decentralization plans; NFT marketplace Blur delayed its token launch; Binance tightened its rules on NFT listings; sales of Trump NFTs surged 800%; CleanSpark moved forward with a 50-megawatt expansion at its recently acquired Georgia facility; the Bitcoin mining council’s Q4 2022 briefing showed a slight drop in sustainable energy usage; ex-FTX US President Brett Harrison raised $5m for a DeFi company targeting institutions; and, an eToro survey indicates crypto is the second most widely-owned asset class amongst women. 

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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