Trading Desk Market Update: 2/16

February 16, 2022

BTC is currently trading around $43,700 and ETH around $3,100.  Notable gainers in the last 24 hours are NEO, CEL, and TFUEL.  The global crypto market cap is $2.05T, down 1.0% over the last day.  DeFi Total Value Locked is ~$211b and BTC dominance is around 43%.

It’s a notable day for NFTs and the metaverse, with corporations continuing to dive in.  JP Morgan has become the first large bank in the metaverse after opening a virtual lounge in Decentraland.  The bank also released a report on the metaverse calling it a $1 trillion opportunity.  Additionally, the NYSE filed a patent trademarking its name for metaverse-related technologies and for an NFT marketplace.  And Disney has created a metaverse team to explore a “new storytelling frontier.”

Other news includes: The Financial Stability Board warned that crypto asset markets could reach a point where they threaten global financial stability; a coalition of crypto companies has announced TRUST, a platform to help with FATF Travel Rule compliance while also protecting customer privacy; The Russian Ministry of Economic Development stated that crypto mining in the country should be allowed where energy is abundant; a US congressman has introduced a draft bill for the federal regulation of stablecoins; and, BlockFi will offer its BlockFi Interest Accounts as SEC-registered crypto interest-bearing securities.

2022.02.16

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