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Trading Desk Market Update: 2/22

February 22, 2022

BTC is currently trading around $37,800 and ETH around $2,600.  Notable gainers in the last 24 hours are LUNA, HBAR, and MKR.  The global crypto market cap is $1.78T, down 0.5% over the last day.  DeFi Total Value Locked is ~$194b and BTC dominance is around 43%.

Crypto and traditional markets have recovered most of their earlier losses over the last 24 hours, despite escalating Russia-Ukraine tensions.  Russian President Putin stated Russia will recognize the independence of separatist-held parts of eastern Ukraine and has sent troops there as part of a “peacekeeping” mission. Countries are preparing sanctions in response.  

In other news: The White House and US Treasury Department are said to be split on President Biden’s coming crypto executive order, with the Treasury believing the order is unnecessary and wanting the Fed to develop its own CBDC strategy; a California lawmaker has filed a bill to let state agencies accept bitcoin as payment; Spotify is hiring a senior backend engineer to explore web3; and, new research from journalist Laura Shin and blockchain analytics firm Chainalysis claims to identify who was behind the famous The DAO hack in 2016 that led to the split of Ethereum and Ethereum Classic.

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