Crypto Rises as Fed Decision Nears, Lido DAO Governance Token Down

• Crypto prices ended January with double-digit gains, particularly for altcoins.
• A proposed withdrawal from the Lido DAO governance token is facing criticism.
• February marks the start of the Year of the Rabbit in the lunar zodiac, which is said to be a peaceful and tender year.

Crypto Market Performance

The CoinDesk Market Index (CMI) closed at 1,086.99 on February 1st, up 17.1 points or 1.6%. Bitcoin (BTC) was up 286.3 points or 1.3% to $23,086 while Ethereum (ETH) rose 16.8 points or 1.1% to $1,585. The S&P 500 daily close was 58.8 points higher at 4,076.60 or an increase of 1.5%, and gold was 19.8 points higher at $1,943 or a gain of 1%. Treasury yields were unchanged at 3.53%.

Lido DAO Governance Token

The Lido governance token has fallen about 15% from its high last week as a withdrawal proposal from stETH has yet to be formally presented by the DAO despite being criticized by Galaxy Digital already.

Year of the Rabbit

February marks the beginning of 2023’s Year of the Rabbit in East Asia’s Lunar Zodiac calendar and it is said this year should bring peace and tranquillity much like its namesake animal does in nature – something crypto investors may appreciate after the volatility seen over recent months across many asset classes including digital assets markets .

CLSA Note on Crypto Markets

A note published by CLSA revealed that cryptocurrency markets could benefit from increased institutional investment this year due to greater regulation as well as better infrastructure for trading digital assets such as bitcoin and ether-based tokens like ERC20s and ERC721s as well as non-fungible tokens (NFT).


As February begins so too does anticipation that 2021’s Year of the Ox will bring further progress in digital asset markets with institutional investments expected to pour into cryptocurrencies thanks to greater regulatory clarity and improved infrastructure for trading them alongside traditional financial instruments such as stocks, bonds and commodities like gold .