Daily Market Update: April 2, 2024

April 2, 2024

BTC is currently trading around $65,800 and ETH around $3,300.  Notable gainers in the last 24 hours are CORE, TAO, and BGB.  The global crypto market cap is $2.61T, down 5.4% over the last day.  DeFi Total Value Locked is ~$95b and BTC dominance is around 54%.

Traditional equity markets are lower after last week’s persistent US inflation readings combined with yesterday’s solid manufacturing data that is causing some to question whether the Fed will indeed cut rates at its June meeting.  While this is weighing on crypto as well, the larger factor is likely yesterday’s net outflow from the spot Bitcoin ETFs, which was its first since March 22 and totaled $86m.  The drawdown in price has also caused over $500m in total crypto market liquidations over the last day.

Notable news includes: Singapore’s MAS significantly amended its Payments Service Act to incorporate custodial services, the transmission of crypto between accounts and exchanges, and cross-border money transfers; Indian media outlets partnered with Numbers Protocol to verify the authenticity of general election news; Binance formed a seven member board of directors; Crypto.com announced it will open up trading to South Korean retail investors at the end of this month; Deribit announced it will relocate its global headquarters from Panama to Dubai after it received a conditional virtual asset service provider license from Dubai; crypto VC funding surged 53% in March from February; Solana DeFi trading volume hit an all-time high amidst the memecoin frenzy; Tether completed a SOC 2 Type 1 security audit; and, SBF spoke out for the first time since his sentencing, stating that he did not know what he did was illegal.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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