Crypto News: 🟣 No Cuts In Sight

February 01, 2024 | Read Online

The FOMC shocked markets yesterday after leaving rates unchanged. Fearless leader J Pow also mentioned that there would not be sufficient data to decide on a potential rate cut by March. This was a wake up call for global markets, as they were far too optimistic at pricing in rate cuts earlier. As a result, majors saw a slight decrease, with BTC and ETH sitting at $42k and $2,300, respectively.

Despite this bearish sentiment, the market's favorite coins continued business as usual. Bittensor's TAO token actually marched towards a new all-time high of $500 yesterday, and Solana's new gem, JUP, still managed to end the day at a $6B valuation. This is on par with Uniswap's valuation. Do you think an aggregator deserves the same valuation as the creator of the AMM blueprints being aggregated?

Crypto Twitter had a variety of takes communicating good and bad sentiment around the controversial launch yesterday. The team bootstrapped a launch pool with 2.5% of the total JUP supply, provided in a price range between $0.40 and $0.70, providing an ample platform for price discovery. The team also airdropped 1B tokens to various Solana community members, distributing wealth mostly to the protocol's early users. One major outcome here: The Jupiter team made at least $125M from selling tokens. If I made that much in a day, you would never hear from me again.

In other news, forgotten NFT collection Doodles announced a partnership with the watch brand, G-Shock. The founders have a lot of catching up to do if they want to be competitive with reigning NFT collection, Pudgy Penguins. Despite no rate cuts in sight, crypto's plot is still hot for 2024 on the back of a spot BTC ETF and a pending ETH ETF. Be sure to not lose focus. We're still on track for a good year.

— 0xpibblez

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Source: Defi Llama

On the back of the JUP launch yesterday, Solana-native Orca and Raydium sailed into the top five DEXs by volume. Uniswap still reigns supreme thanks to its deployment on multiple chains. Interestingly enough, Sui's DeepBook cannot be ignored. The chain is quietly creeping up across all metrics. How high can it go?

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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures.