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Trading Desk Market Update: 2/8

February 8, 2022

BTC is currently trading around $43,800 and ETH around $3,100.  Notable gainers in the last 24 hours are KDA, XRD, and SHIB.  The global crypto market cap is $2.08T, up 1.0% over the last day.  DeFi Total Value Locked is ~$206b and BTC dominance is around 42%.

BTC touched as high as $45,300 overnight, while the total crypto market cap is up ~1% over the last day.  Notable news includes:  US banking regulator the FDIC names “crypto-asset risks” among its five key priorities for 2022; KPMG Canada has added an undisclosed amount of BTC and ETH to its balance sheet; a new Gartner study found that 25% of people will spend at least an hour per day in the metaverse by 2026; the Bitcoin Lightning Network is now live on Block’s Cash App; the total stablecoin market cap surpassed $150b; authorities in Kazakhstan are floating a potential 500% tax increase on miners; XRP is rallying after new court orders suggest the SEC vs. Ripple case may soon end; developers from money market protocol Aave released Lens Protocol, a new social media back end for developers to build upon; and, Ondo Finance posted a Snapshot proposal for SushiSwap to turn it into a DAO, integrate Ondo’s products, and receive support from a wider DAO coalition.

2022.02.08

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