Daily Market Update: January 23, 2024

January 23, 2024

BTC is currently trading around $39,200 and ETH around $2,200. Notable gainers in the last 24 hours are TAO, CHZ, and BLUR. The global crypto market cap is ~$1.61T, down 3.7% over the last day. DeFi Total Value Locked is ~$56b and BTC dominance is around 52%.

Traditional markets are mostly flat, with the exception of Hong Kong equities, which have caught a bid as government officials are considering stimulative policy measures to bolster its slumping market. Crypto’s downward rout is still ongoing as FTX’s estate allegedly dumped ~$1b of GBTC shares. Optimism around a spot Bitcoin ETF has quickly diverged towards pessimism as investors gauge how much capital is seeking a one-way departure out of GBTC.

Notable news includes: Coinbase addressed its Geth dominance in response to the recent Nethermind client bug (discussed yesterday), announcing a renewed technical assessment of alternative clients with a planned update by the end of February; ether.fi also committed to having less than 20% of its validators on Geth by the end of February; Rari Chain, an Arbitrum Layer 3 focused on NFTs went live on mainnet; Ark continued to rotate its bitcoin exposure out of Bitcoin Futures ETFs into its newly launched spot Bitcoin ETF; crypto casino Rollbit announced a multimillion dollar sponsorship deal with FaZe Clan, the world’s top ranked Counter Strike team; Socket recovered $2.3m out of its estimated $3.3m lost in its recent exploit; and, a coordinated mass phishing campaign kicked off recently with emails appearing to be from reputed actors (i.e., Cointelegraph, WalletConnect, Token Terminal, etc.), but these are phishing attacks which have already stolen more than $500k from unsuspecting victims.

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

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