Daily Market Update: January 24, 2024

January 24, 2024

BTC is currently trading around $40,100 and ETH around $2,250. Notable gainers in the last 24 hours are MANTA, TAO, and SUI. The global crypto market cap is ~$1.63T, up 3.0% over the last day. DeFi Total Value Locked is ~$55b and BTC dominance is around 52%.

Equities are trending higher after China reduced bank reserve requirements, in addition to early earnings strength across tech companies (ie., Netflix and ASML so far, Tesla and IBM after today’s close). Crypto markets have slowed their recent bleeding and have modestly bounced off yesterday’s lows.

Notable news includes: OKX pledged to compensate its users after its OKB exchange token experienced a flash crash yesterday; CoW Swap’s DAO overwhelmingly voted in favor of turning on a fee switch on any execution surplus, meaning the DAO will now split the execution surplus whenever the DEX executes better than a trader’s set limit price; UMA and Flashbots partnered to launch Oval, enabling dapps to internalize oracle extractable value; derivatives trading-centric Ethereum L2 Aevo revealed plans to leverage Celestia for data availability and said it intends to open its rollup to other builders in an ecosystem expansion bid; Rabby Wallet unveiled a points program; AltLayer revealed its airdrop criteria and allocations; and, crypto lender Nexo is seeking $3b in damages from Bulgaria.

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

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