Trading Desk Market Update: 2/7

February 7, 2022

BTC is currently trading around $43,000 and ETH around $3,100.  Notable gainers in the last 24 hours are SHIB, QNT, and KDA.  The global crypto market cap is $2.06T, up 3.35% over the last day.  DeFi Total Value Locked is ~$221b and BTC dominance is around 42%.

Crypto rallied over the weekend after major equity markets posted solid returns last week with particular strength on Friday following a better-than-expected US jobs report. Sentiment appears to be improving, with the Crypto Fear & Greed Index nearing Neutral territory at 45, after its Extreme Fear reading of 20 on Friday.  Investors now await the US CPI report on Thursday, which is expected to show inflation rising 7.2% year-over-year in January.  

Notable news includes: a new law in Venezuela requires some crypto transactions to be taxed at 20%; fintech firm Wirex has launched in the US; the identity of the Bored Ape Yacht Club creators was made public by Buzzfeed; the number of daily active addresses on Ethereum hit its highest level in two months; Axie Infinity is eliminating daily quests and its adventure mode to tame SLP inflation and revive its play-to-earn economy; Shiba Inu is up 23% after announcing a partnership with fast food chain Welly’s; and, former Manchester United players are launching a DAO allowing anyone to invest alongside the players in football-related projects and films.

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