Trading Desk Market Update: 2/14

February 14, 2022

BTC is currently trading around $42,600 and ETH around $2,950.  No top 100 market cap tokens are up more than 1.5% in the last 24 hours.  The global crypto market cap is $1.99T, down 0.7% over the last day.  DeFi Total Value Locked is ~$202b and BTC dominance is around 43%.

BTC is flat from Friday’s close as investors weigh a potential Russian invasion of Ukraine.  In other news: Crypto regulation in India appears more uncertain as finance minister Nirmala Sitharaman stated the ministry may still legalize or ban crypto after its review; the head of Hungary’s central bank has proposed a ban on crypto trading and mining across the EU; Chairman Gary Gensler said the US SEC is working with crypto exchanges to establish regulatory certainty on digital assets after again stating that many have the attributes of securities; The US Treasury wrote a letter reiterating that it does not plan to treat crypto miners, stakers, and wallet providers as brokers for tax purposes; crypto lending platform BlockFi is set to pay $100m to settle SEC and state allegations; leading global chipmaker Intel is producing new chips for crypto mining and NFT minting; leading play-to-earn game Axie Infinity will add free “starter monsters” to help onboard new players without them having to buy NFTs; CryptoPunk #5,822 sold for 8,000 ETH ($23m); and, the internet is abuzz following crypto-related Super Bowl ads from Coinbase, FTX, Crypto.com, eToro, and Bud Light.

2022.02.14

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