Daily Market Update: January 30, 2024

January 30, 2024

BTC is currently trading around $43,200 and ETH around $2,300.  Notable gainers in the last 24 hours are TAO, SEI, and RNDR.  The global crypto market cap is $1.74T, up 2.8% over the last day.  DeFi Total Value Locked is ~$58b and BTC dominance is around 53%.

Global equity markets are mixed, while crypto prices are higher as GBTC outflows are slowing.  Specifically, the level of GBTC outflows fell for the fifth day in a row and inflows into the other nine spot Bitcoin ETFs significantly offset them for the first time in nearly two weeks, adding ~$250m to total AUM.

Notable news includes: The Bank of Japan held its first meeting to discuss a potential CBDC; The Central Bank of the UAE conducted its first cross-border digital dirham transfer; The National Bank of Belarus began developing a platform for the digital ruble built on Hyperledger Fabric; the DOJ charged three people in the $1.9b HyperFund scam; investment bank Cowen stated that its unlikely the SEC will approve a spot ETH ETF in 2024; Invesco cut the fee on its spot Bitcoin ETF to match BlackRock and Fidelity; BlackRock, VanEck, and Franklin Templeton are now advertising their spot Bitcoin ETFs on Google Ads; Ethereum scaling solution Starknet is collaborating with data availability layer Celestia to improve DA for layer 3 chains; Swell announced the launch of its liquid restaking token; NFT marketplace Magic Eden launched a multi-chain wallet; Immutable launched early access for its zkEVM Mainnet; activity on SocialFi app Farcaster spiked after the launch of its Frames feature allowing users to embed interactive experiences in posts; the MIM stablecoin suffered a flash crash after reports of a $7m exploit; and, Vitalik published a report on the promise and challenges of crypto + AI applications.

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

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