Daily Market Update: January 31, 2025

January 31, 2025

BTC is currently trading around $104,600 and ETH around $3,350.  Notable gainers in the last 24 hours are JASMY, LDO, and DEXE. The global crypto market cap is $3.73T, up 0.5% over the last day.  DeFi Total Value Locked is ~$124b and BTC dominance is around 59%.

Equity markets are slightly higher while crypto is ~flat on strong tech earnings and inline US PCE inflation.

Notable news includes: ECB President Lagarde stated that Bitcoin’s volatility and ties to illicit finance make it unfit as a reserve asset for any of the central banks of the general council; the Czech National Bank approved plans to analyze adding additional asset classes including Bitcoin as reserves; private equity firm Apollo launched a tokenized private credit fund; the CEO of Perplexity AI hinted the platform may integrate crypto; the SEC approved Bitwise’s filing for a Bitcoin-Ethereum ETF; Grayscale filed to convert its XRP Trust into an ETF; Coinbase filed with the CFTC to list SOL and HBAR futures; Kraken resumed staking services for US clients after two years; a second class-action lawsuit was filed against pump.fun for alleged US securities laws violations; Tether announced the integration of USDT into the Bitcoin ecosystem; Ethereum client Geth released an update to fix an issue that may have enabled DDoS attacks; Hyperliquid flipped Ethereum in daily fees; decentralized ride sharing app Teleport announced it will shut down; the Venmo cofounder released a fair-launch token for video clipping platform JellyJelly via pump.fun; Elon Musk’s father revealed plans to raise $200m via a memecoin for a new think tank; and, SBF’s parents will reportedly ask Trump to pardon their son.

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Author:
Brian Rudick, Head of Research | TwitterTelegramLinkedIn
Carlos Guzman, Research Analyst | TwitterTelegramLinkedIn
Toe Bautista, Research Analyst | TwitterTelegramLinkedIn

 

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