Daily Market Update: January 9, 2024

January 9, 2024

BTC is currently trading around $46,500 and ETH around $2,250. Notable gainers in the last 24 hours are BONK, HNT, and BSV. The global crypto market cap is ~$1.78T, up 1.8% over the last day. DeFi Total Value Locked is ~$54b and BTC dominance is around 55%.

Equity markets are down while crypto is moving higher heading into the SEC’s spot Bitcoin ETF decision deadline tomorrow. Markets overwhelmingly anticipate the 11 ETF applicants will gain approval tomorrow and the go-live date may follow as soon as Thursday or Friday. Bitcoin dominance continued to grow in response breaching 55%.

Notable news includes: Bitcoin open interest soared past $20b and hit a 16-month high; South Korean crypto exchange Upbit secured a Major Payment Institution license in Singapore; SEC Chair Gensler posted a Twitter thread reminding investors of crypto risks ahead of an expected Bitcoin ETF approval; the EVMOS Foundation took back ~$7.6m in tokens from its departed co-founder; Starknet approved a vote enabling the STRK token to be used for transaction fees; Bitcoin miner Core Scientific emerged from bankruptcy and secured $55m in new financing; and, Solana memecoin BONK has plummeted more than 70% from its December peak.

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

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