Trading Desk Market Update: 2/24

February 24, 2022

BTC is currently trading around $35,400 and ETH around $2,400.  No major token is up over the last 24 hours.  The global crypto market cap is $1.66T, down 10.8% over the last day.  DeFi Total Value Locked is ~$184b and BTC dominance is around 43%.

Equity and crypto markets are down significantly, while safe haven assets such as gold and government bonds are higher as Russia invaded Ukraine.  The attack began before dawn near the capital Kyiv and quickly spread across central and eastern Ukraine.  US, Europe, and Ukrainian officials have condemned the attack with many promising heavy sanctions on Russia.

Other news includes: China’s Supreme Court has added digital currency to the list of illegal fundraising methods; the governor of the Bank of Spain has called for increased crypto surveillance; Mitsubishi UFJ revealed plans to create a wallet for digital assets, NFTs, and securities tokens; blockchain-based securities firm Securitize has acquired Pacific Stock Transfer, which manages certificates of security ownership; music giant Warner Music Group has partnered with blockchain game developer Splinterlands to give WMG artists the opportunity to create and develop P2E games; Sotheby’s pulled an auction of 104 CryptoPunks at the last minute; USDC operator Circle has launched a Circle Account product to help businesses transact in crypto; and, ZK-rollup based scaling solution StarkNet is now open for dapp deployment on Ethereum’s mainnet.

2022.02.24

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