BTC is currently trading around $38,800 and ETH around $2,800. Notable gainers in the last 24 hours are LOOKS, SOL, and MINA. The global crypto market cap is $1.86T, up 5.1% over the last day. DeFi Total Value Locked is ~$195b and BTC dominance is around 42%.
Crypto markets are rallying on equity market strength and oversold conditions. Positively, a provision in the America COMPETES Act that would have allowed the Treasury to block crypto transactions it found concerning has been removed. Additionally, India has proposed a 30% tax on crypto income, causing many to infer this eliminates the possibility of an outright ban in the country.
In stablecoin news, the US Senate scheduled a hearing on stablecoins for February 15th, one week after the House’s own stablecoin hearing. Additionally, the Fed released new research on stablecoins. And stablecoin-focused DEX Curve hit a record $3.2b of daily volume on January 27th, while USDC has now surpassed $50b in circulation. Lastly, Silvergate Bank officially announced the acquisition of Diem’s intellectual property and will launch a stablecoin of its own by the end of the year.
Other notable news includes: India announced it will create a digital rupee in 2022-2023; Thailand has terminated plans to levy a 15% withholding tax on crypto transactions; DCASH, the CBDC commissioned by the Eastern Caribbean Central Bank, has been offline for over two weeks amidst technical issues; MicroStrategy purchased $25m more BTC; 0x has announced a new feature letting developers build NFT marketplaces on various blockchains; and, Litecoin is launching MimbleWimble, its most significant upgrade in its history, to improve fungibility and privacy.
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