BTC is currently trading around $105,000 and ETH around $3,250. Notable gainers in the last 24 hours are FARTCOIN, SPX, and XCN. The global crypto market cap is $3.71T, up 3.5% over the last day. DeFi Total Value Locked is ~$122b and BTC dominance is around 59%.
Crypto is rallying after the Fed held interest rates steady yesterday, as expected. While the meeting was perceived as hawkish, given the central bank’s optimistic view of the labor market as well as its omission from the post-meeting statement that inflation had made progress towards the Fed’s 2% target, the passing of the meeting removed it as a potential negative catalyst. In addition, the US SEC acknowledged Canary Capital’s Litecoin ETF application, moving the process along and offering encouragement that more altcoin ETFs will eventually be approved. Elsewhere, euro zone GDP growth stalled in the fourth quarter, missing expectations, while the ECB instituted its fifth interest rate cut of the current cycle.
Notable news includes: El Salvador passed a bill to revise its Bitcoin adoption strategy per its deal with the IMF; Fed Chair Powell stated that banks are “perfectly able” to serve crypto customers; Texas, Illinois, and Utah made progress towards state-level Bitcoin reserves; Trump Media announced it will expand operations into financial services and cryptocurrencies under the name Truth.Fi and in partnership with Charles Schwab; Coinbase added Trump’s 2024 campaign co-manger as an advisor; various Trump merchandise marketplaces began accepting TRUMP as payment; Dutch bank ABN AMRO and Germany-regulated 21X conducted an onchain trade of tokenized assets; Robinhood hinted at launching Bitcoin futures; Tesla booked a $600m gain on its Bitcoin holdings due to implementing a new mark-to-market accounting rule; hedge fund DE Shaw reportedly took an activist position in miner Riot Platforms; DCG launched a proof-of-work mining operation called Fortitude; Grayscale launched a Bitcoin Miners ETF; Cardano’s Plomin upgrade went live to introduce onchain governance; and, Injective announced plans to launch native Ethereum Virtual Machine support on its blockchain.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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