Trading Desk Market Update: 2/9

February 9, 2022

BTC is currently trading around $44,400 and ETH around $3,200.  Notable gainers in the last 24 hours are LEO, FLOW, and KDA.  The global crypto market cap is $2.12T, up 2.8% over the last day.  DeFi Total Value Locked is ~$210b and BTC dominance is around 42%.

Notable news includes: Russia is reportedly drafting legislation to recognize and treat cryptocurrencies as traditional currencies; yesterday’s US House Financial Services Committee hearing on stablecoins showed considerable dissent on regulating stablecoin issuers as banks; The US Justice Department has seized $3.6b of BTC directly linked to the Bitfinex hack of 2016; inflows into crypto funds quadrupled last week to $85m, per CoinShares; robo advisor Betterment is acquiring crypto portfolio manager Makara to offer managed crypto portfolios; iPhone’s upcoming Tap to Pay feature will give merchants a way to accept crypto via crypto credit cards; GameStop stock is up on rumors of an NFT game partnership with Microsoft; and, AssangeDAO has raised $53m to help free Wikileaks founder Julian Assange.

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