Daily Market Update: April 8, 2024

April 8, 2024

BTC is currently trading around $72,100 and ETH around $3,650.  Notable gainers in the last 24 hours are NEO, WIF, and LDO.  The global crypto market cap is $2.83T, up 4.2% over the last day.  DeFi Total Value Locked is ~$103b and BTC dominance is around 55%.

Global equity markets are higher after Friday’s solid US jobs report and ahead of a busy week that features US CPI and FOMC minutes on Wednesday, and the ECB monetary policy statement and US PPI on Thursday.  Meanwhile, crypto markets had a strong weekend with many attributing the strength to the coming Bitcoin halving on April 19th as well as Genesis Global Capital stating that it has now finished monetizing its 36m GBTC shares.  Genesis is suspected to be a major driver of the heightened GBTC outflows last month, and as it is now done redeeming, GBTC outflows are likely to move lower and drag less on total spot Bitcoin ETF inflows.

Notable news includes:  European Parliament lawmakers indefinitely shelved creating a legal framework for the digital euro; Costa Rica, which lacks specific legislation around the ownership and trading of Bitcoin, is mulling rules that may limit the use of Bitcoin for daily transactions; major parties in South Korea included crypto-related promises in their campaign platforms ahead of the parliamentary election; the US Consumer Financial Protection Bureau highlighted risks for consumers in crypto gaming; Terraform Labs and its cofounder Do Kwon were found guilty of fraud in a civil case brought against them by the US SEC; HashKey obtained a license in Bermuda and launched a new global cryptocurrency exchange; the amount of PayPal’s PYUSD stablecoin in circulation fell nearly 40% last month; and, transactions on Base continue to surge, with the Ethereum L2 now doing more than Arbitrum and Ethereum combined.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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