Trading Desk Market Update: 3/16

March 16, 2022

BTC is currently trading around $40,400 and ETH around $2,700.  Notable gainers in the last 24 hours are FTM, WAVES, and CVX.  The global crypto market cap is $1.86T, up 3.8% over the last day.  DeFi Total Value Locked is ~$201b and BTC dominance is around 44%.

Bitcoin has rallied 4% over the last day as equity markets around the globe are higher.  Of note, China’s Hang Seng Index rose 9% after hitting its lowest close since 2016 yesterday, as Beijing promised measures to substantially boost economic growth and keep financial markets stable.

Markets will now turn their attention to the Federal Reserve, which concludes its two-day policy meeting today and will share its latest thinking via its post-meeting statement, updated Summary of Economic Projections, and post-meeting press conference. The Fed is widely expected to raise interest rates for the first time since 2018, and observers expect the updated dot plot to show 5-6 rate hikes this year and 3-4 next year.  While some believe the Fed is already behind the curve with inflation at its highest rate since 1982, others believe the Fed may take a more dovish tone given uncertainty from the war in Ukraine, volatile oil prices, and potential supply chain disruptions from Covid-related lockdowns in China.

In other news:  Argentina is planning to include crypto firms in new anti-money laundering regulations due out this year; The UK FCA is looking to build a digital assets department; HSBC revealed plans to buy land in The Sandbox; American Express has filed trademarked applications for the metaverse and NFT logos; Instagram will add NFTs to the platform; Ripple announced a new $250m NFT creator fund; and, the Merge was successfully completed on Ethereum’s Kiln testnet, the last merge testate before existing public testnets are upgraded.

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