Crypto Market Stabilizes Amid Ongoing Risk-Off Sentiment
The crypto market is stabilizing after a recent decline, with signs of capitulation in bitcoin. Key points include:
- MakerDAO's MKR token gained 20% due to its buyback and burn process.
- Story Protocol's IP token rose nearly 40% after being listed on South Korean exchanges.
- Whales are accumulating HYPE tokens while XRP maintains support at a key Fibonacci level.
- Matthew Hougan of Bitwise Asset Management noted the end of the memecoin craze could shift focus to stablecoins, real-world assets, and DeFi.
- U.S. consumer confidence has hit an eight-month low, raising concerns about inflation and economic sentiment.
- Upcoming Senate Banking Committee hearing on crypto regulations scheduled for Wednesday.
Market Updates
- BTC is up 1% at $89,19377; ETH down 0.36% at $2,487.88.
- CoinDesk 20 index increased by 0.42% to 2,882.89.
- BTC funding rate at 0.0005% on OKX.
Token Events
- Frax DAO considering protocol upgrades and emission plans.
- DYdX DAO voting to distribute $1.5 million in DYDX tokens as incentives.
- Unlocks scheduled for Optimism, DYdX, ZetaChain, Sui, Ethena, and Kaspa in early March.
Upcoming Economic Releases
- Jan. New Residential Sales report from U.S. Census Bureau.
- Q4 GDP and Unemployment Insurance claims reports from the U.S. Bureau of Economic Analysis and Department of Labor.
Technical analysis indicates BTC requires a move above $90,000 to shift bearish sentiment. The market remains influenced by macroeconomic factors and regulatory developments.