Daily Market Update: January 17, 2024

January 17, 2024

BTC is currently trading around $42,500 and ETH around $2,550.  Notable gainers in the last 24 hours are TAO, RNDR, and WOO.  The global crypto market cap is $1.77T, up 0.3% over the last day.  DeFi Total Value Locked is ~$56b and BTC dominance is around 51%.

Global equities are down while yields are higher as investors fear the Fed could ease monetary policy more slowly than expected.  Meanwhile, crypto is little changed as oral arguments on Coinbase’s motion to dismiss the SEC’s lawsuit kick off today.

Notable crypto news includes:  The European Securities and Markets Authority unveiled its timeline for the implementation of the MiCA crypto regulation; the IRS exempted a new tax law requiring US businesses to report transactions over $10,000 for the time being; the trial of Terraform Labs’ cofounder Do Kwon was pushed back to late March due to challenges getting him to the US; crypto investment products have seen $424m of net outflows so far this week due to $1.2b in GBTC outflows, per CoinShares; ProShares filed for five leveraged and inverse Bitcoin ETFs; Bitcoin miner Core Scientific obtained court approval to emerge from bankruptcy and relist its shares in the coming days; Ethereum implemented the Dencun network upgrade on the Goerli testnet; and, Ethereum L2 Blast announced the official launch of its testnet and announced an airdrop allocation to developers.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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