Binance Wallet Launches BRC-20 Support, Jupiter Sees Record Trading Volume
Market Update
- The S&P 500 is rebounding, rising 0.5% after a tough session for major stock indices triggered by the Federal Reserve's decision to maintain interest rates and hinting that a March reduction is unlikely. This recovery follows a challenging day on Wall Street, where the Dow dropped 317 points or 0.8%, marking its most significant decline since December. The S&P 500 fell 1.6% yesterday, its steepest drop since September, and the Nasdaq Composite shed 2.2%, its largest fall since October. These downturns occurred after Fed Chair Jerome Powell dampened expectations for an imminent rate cut in March, leading to a sharp sell-off in stocks. On a brighter note, Powell mentioned that the economy is growing steadily, and inflation rates are projected to fall. In other developments, Alphabet and Microsoft experienced a downturn in their stock prices despite their impressive earnings. Apple, Amazon, and Meta will announce their earnings after today's market close. BTC has fallen 2.2% to $42.4k, while ETH is trading in line at $2.28k. LINK 4.36% is a notable outperformer today, as the 13th largest token by market cap led the top 100 in gains, rising 6.4% to $16.57 at writing. The gains followed announcements from Chainlink BUILD member Xswap about utilizing Chainlink's CCIP protocol in their beta for seamless cross-chain swaps.
- Binance has introduced an in-app marketplace within its Web3 Wallet for trading Bitcoin BRC-20 tokens, offering a comprehensive platform for users to engage with these tokens and those on other networks, including EVM assets. The BRC-20 token standard, a novel approach to the Bitcoin blockchain, diverges from Ethereum's ERC-20 by utilizing Ordinals inscriptions to embed data into Bitcoin's smallest units, satoshis. This innovation has given rise to meme coins on the Bitcoin network, pushing the collective market value of BRC-20 tokens beyond $2.8 billion. Despite controversy within the Bitcoin community over the potential for these tokens to overload the network and increase fees, the adoption of BRC-20 tokens continues to grow, with major platforms like Binance expanding support.
- Jupiter, a decentralized exchange aggregator on Solana, has experienced a significant surge in trading volume, reaching over $1.2 billion in 24 hours, surpassing market leader Uniswap V3 on Ethereum, which recorded $854 million. This spike in activity coincides with Jupiter's JUP token airdrop, marking a record-breaking day for the platform. The initial airdrop distributed 1 billion JUP tokens to early users, with a snapshot of eligible wallets taken in November indicating that nearly 955,000 wallets were eligible for the airdrop. Jupiter has also earmarked an additional 3 billion tokens for future distributions to incentivize new users, although the dates for these airdrops are yet to be announced. Following the airdrop's start, the JUP token's value surged by over 70%, reaching above $0.72, though it has settled at $0.59. Despite a price decline, the JUP token boasts a market capitalization of approximately $802 million, with over $670 million in trading volume generated in less than nine hours. To date, about 566 million JUP tokens have been claimed by nearly 392,000 unique wallets.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Chainlink has begun to turn up sharply this past week and LINK 4.36% is set to reach the highest level on a weekly close since early 2022. While the near-term consolidation has not yet been officially exceeded which would require a close back above $17.68, the progress this week has helped momentum to begin to turn back sharply higher. Additionally, LINK has made an official breakout of its Ichimoku Cloud, and has begun to outperform Bitcoin this past week. Its initial breakout last year helped to propel price to an initial level of Fibonacci-based resistance at $16.32 which represents the 23.6% Retracemement of LINK's former decline from May 2021 into Summer 2023. It's thought that this breakout out of the recent consolidation should result in LINK running up to $23.35 and then $29, both of which look to be important levels. Pullbacks would create an even more appealing risk/reward situation and LINK would find support at $15.25-$15.75. However, it's expected that the start of an advance into the $20's should be underway given this week's progress.
Daily Important Metrics
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All metrics as of February 1, 2024 12:01 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $846B | $43,121 | ↓ -1.13% | ↑ 2.10% | |
 ETH | $278B | $2,310 | ↓ -1.41% | ↑ 1.51% | ↓ -0.60% |
 SOL | $42B | $97.42 | ↓ -4.30% | ↓ -4.23% | ↓ -6.33% |
 ADA | $18B | $0.4966 | ↓ -2.16% | ↓ -16% | ↓ -18% |
 DOGE | $11B | $0.0795 | ↓ -0.65% | ↓ -11% | ↓ -13% |
 LINK | $9.6B | $16.93 | ↑ 8.31% | ↑ 13% | ↑ 11% |
 DOT | $8.6B | $6.78 | ↓ -0.41% | ↓ -16% | ↓ -18% |
 MATIC | $7.7B | $0.8050 | ↓ -0.40% | ↓ -16% | ↓ -18% |
 NEAR | $2.9B | $2.86 | ↓ -3.20% | ↓ -21% | ↓ -23% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -0.08% | $37.25 | ↑ 4.78% | ↑ 1.09% | ↓ -1.01% |
| BITW | ↓ -37% | $24.10 | ↑ 3.88% | ↓ -1.87% | ↓ -3.97% |
| ETHE | ↓ -11% | $19.73 | ↑ 4.50% | ↑ 1.39% | ↓ -0.71% |
| BTCC | ↓ -0.20% | $8.07 | ↑ 3.46% | ↓ -1.34% | ↓ -3.44% |
News
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MARKET DATA
Decrypt.co Solana's Jupiter Hits $1.2 Billion in Daily Volume, Outpacing Uniswap on Ethereum Jupiter is seeing surging trading action amid the JUP airdrop on Solana—and it’s way ahead of Ethereum’s Uniswap V3. |
The Block Solana monthly transaction volume hits multi-year high Monthly transaction volumes for January on Solana have reached a multi-year high, according The Block data. |
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