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Phemex Crypto Market Daily: Crypto Market Surges: BTC Nears $70K, Altcoins Lead Gains on Renewed Risk Appetite (Feb 07)
Key Takeaways:
1. Macro Environment Five major crypto firms, including Circle and Ripple, secured U.S. national trust bank licenses, enabling direct Federal Reserve access and boosting stablecoin settlement efficiency. The CFTC now allows national trust banks to issue payment stablecoins, expanding compliant issuer options and supporting on-chain liquidity. The White House will resume high-level talks on stablecoin yields, signaling stablecoins' growing systemic importance and potential impact on DeFi and NFT market liquidity. 2. Crypto Market The crypto market rebounded sharply in the past 12 hours, with BTC up 8.76% to $69,913 and ETH rising 7.95% to $2,040, driven by renewed risk appetite and strong ETF inflows. Altcoins outperformed, led by Midnight (NIGHT) up 23.96%, XDC Network (XDC) up 22.29%, and LEO Token (LEO) up 19.93%, fueled by privacy narratives, institutional integrations, and exchange utility. Decred (DCR) surged 15.30% on governance momentum, while Solana (SOL) gained 12.36% amid ecosystem growth. 3. Today's Outlook China's January CPI data will be released today, providing key inflation insights for Asian and global markets. Eurozone December retail sales data will also be published, offering a snapshot of European consumer demand trends. These macroeconomic releases may influence global risk sentiment and impact crypto market volatility.
