📊 Daily Crypto Market Update 📊
1. Market Overview
- Global Market Cap: 3.26T (previously 3.32T)
- Top Movers: MKR, TKX, S, MNT, HYPE
2. Altcoin Market Trends 📈
- There's still been continued drama with the LIBRA token as the Meteora co-founder resigned and Milei tweeted a tutorial of how to buy it (causing the price to pump temporarily). HyperEVM also launched which created some hype for the token but ultimately everyone is still hesitant in the market, especially as SOL unlocks are coming up in March which has created a lot of downward pressure as we've seen on the chart.
3. Key News Headlines 📰
- Regulatory Updates: Italy's central bank eyes crypto regulation for risk management
- Partnerships or Integrations: Cardano lands major partnership with tech giant Globant to develop decentralized applications on Cardano’s blockchain
- Major Developments: Meteora Co-Founder Resigns in LIBRA Memecoin Scandal
4. Upcoming Events ⏩
- Macro Events: FTX repayments start Feb 18th. MELANIA token unlock Feb 20th. NVIDIA Earnings Feb 26th. ETH Denver Feb 23rd-Mar 2nd. SONIC mainnet Feb 27th. SOL unlocks Mar 2nd ($2.16B). FOMC Mar 19th.
5. Summary ✍️
The market continues to chop amid the ongoing drama around the LIBRA token and concern around the state of memecoins and the SOL eco ahead of the unlocks. I'm remaining mostly in stables until there's more clarity in the market and have my limit orders placed at major daily/weekly support levels (SOL at 155-160, HYPE at 20, BTC at 92k, ETH at 2370, etc.). I feel we're close to reaching capitulation in market as we've had multiple high profile token rugs, billion dollar liquidation events, liquidity blackholes, etc. It's only a matter of time before things resume back to the upside. Although this flush was needed imo. People were getting overconfident and overleveraged. Hopefully this leads us back to a focus on strong fundamental/utility plays where legitimate projects get rewarded and strong community tokens thrive.