Daily Market Update: Jan 24, 2023

January 24, 2023

BTC is currently trading around $23,000 and ETH around $1,650. Notable gainers in the last 24 hours are BTSE, LDO, and RPL. The global crypto market cap is ~$1.09T, up ~0.4% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 44%.

Notable news includes: Europol arrested five Bitzlato senior executives; Japan’s FSA is expected to allow certain stablecoins by June 2023; a stricter crypto regulatory regime in France will be voted on this evening to determine if mandatory licensing will go into effect before the broader MiCA legislation; NYDFS released new guidance requiring companies to separate customer crypto assets from their own; a leaked draft proposal indicates European banks would need to issue one euro of capital for each euro of crypto held, treating crypto as one of the riskiest asset classes; an on-chain Twitter sleuth noted a pattern of Binance token listings being suspiciously front run; Gemini shed another 10% of its headcount in its third series of layoffs; Ethereum developers executed their first mainnet shadow fork to test staked ETH withdrawals; Mars Hub, Terra’s original lending protocol, announced it will launch its own Cosmos AppChain at month’s end; MakerDAO approved the deployment of $100m USDC on Yearn Finance; Sushi DAO implemented its proposal to temporarily direct all xSUSHI revenue to its treasury; TON validators are set to vote on suspending dormant wallets holding ~$2.5b in Toncoin; NFT price tracker Floor acquired web3 analytics firm WGMI; Doodles acquired the Emmy-nominated animation studio Golden Wolf; Bitcoin miner Argo’s shares rose after regaining compliance with Nasdaq listing requirements; BlockFi looks to sell its bitcoin mining rig backed loans totaling ~$160m; a survey indicated that stablecoins led Argentinian crypto buying as users aimed to protect their savings against inflation; the Wormhole exploiter swapped more than $150m worth of stolen ETH into Lido Staked ETH; and, the FBI confirmed that North Korea’s Lazarus Group was behind the attack of Harmony’s Horizon protocol. 

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

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