Daily Market Update: April 1, 2024

April 1, 2024

BTC is currently trading around $70,000 and ETH around $3,550.  Notable gainers in the last 24 hours are CORE, JUP, and BCH.  The global crypto market cap is $2.78T, down 1.2% over the last day.  DeFi Total Value Locked is ~$98b and BTC dominance is around 54%.

Markets are slightly higher to start the week, though the price of gold hit a new record on hopes the Fed will begin to cut interest rates in June.  This week features several notable macroeconomic releases including European consumer prices on Wednesday, and European retail sales and US employment statistics on Friday.

Notable news includes: Digital asset bank Custodia was denied a Federal Reserve master account by a US district court; TRON Foundation filed a motion to dismiss the SEC’s lawsuit against it stating that the SEC’s attempt to apply US securities laws to predominantly foreign activities constitutes an overreach of authority; the Chinese government launched a new public blockchain infrastructure platform with Conflux Network to support cross border cooperation projects along the Belt and Road Initiative; the FTX bankruptcy estate aims to begin repaying creditors by year-end; stablecoin issuer Tether became the seventh largest Bitcoin holder with its recent $618m purchase; the total value locked in liquid restaking tokens neared $8b; Telegram will enable users to purchase advertisements using TON; and, Degen Chain, an L3 built on Base, has seen ~$100m of mainly memecoin trading volume over the last four days.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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