Daily Market Update: January 25, 2024

January 25, 2024

BTC is currently trading around $39,900 and ETH around $2,200. Notable gainers in the last 24 hours are TAO, MANTA, and FXS. The global crypto market cap is ~$1.63T, up 0.3% over the last day. DeFi Total Value Locked is ~$55b and BTC dominance is around 52%.

Crypto markets are sideways, but stocks rallied as Q4 GDP came in sharply higher than expected at 3.3% (vs. 2.0%) while inflation remained on its downward trend.

Notable news includes: The BoE is forging ahead with a digital pound despite acknowledging privacy concerns; Solana rolled out token extensions that provide increased SPL token functionality in a bid to lure institutions onchain; Polygon unveiled the AggLayer protocol to unify monolithic and modular architectures; Space and Time open-sourced a GPU accelerator for ZK-proof protocols; security firm Brink made a strategic investment in crypto custodian BitGo; the SEC delayed BlackRock’s spot Ethereum ETF filing as expected; and, Bitwise became the first asset manager to publish the onchain address of its ETF’s bitcoin holdings, and people quickly began sending small amounts of sats to the address.

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

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