Daily Market Update: Mar 1, 2023

March 1, 2023

BTC is currently trading around $23,800 and ETH around $1,650. Notable gainers in the last 24 hours are MKR, AGIX, and STX. The global crypto market cap is ~$1.14T, up ~1.4% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 44%.

Notable news includes: France moved forward with tighter crypto regulation for new entrants, but incumbents will have more time to comply; 15 companies behind the issuance of 20 different stablecoins have formed a new industry body called the Stablecoin Standard; Coinbase launched a grassroots pro-crypto policy initiative spanning all 435 Congressional Districts in the U.S.; the government of Ras Al Khaimah is launching a free zone for digital asset companies to strengthen the UAE’s position in the crypto ecosystem; FTX’s former director of engineering Nishad Singh was charged by the SEC and CFTC with fraud after pleading guilty to similar charges in federal court; Grayscale will argue in court next week that the SEC inappropriately treated its Bitcoin ETF application; the co-founders of bankrupt crypto lender Hodlnaut have reportedly submitted a proposal to sell the business instead of liquidating its assets; crypto options exchange Deribit announced it would list Bitcoin Volatility futures; Coinbase listed Circle’s euro-backed stablecoin EUROC; Oasis is seeking to patch a vulnerability that allowed ~$150m of funds deposited in its contract to be recovered by court order; gaming engine Unity added MetaMask functionality among its new web3 tools; Cash App integrated crypto tax accounting software TaxBit; Jack Dorsey’s decentralized Twitter rival Bluesky hit the App Store as an invite-only app; Bank of America research is seeing early signs of success in Starbucks’s web3 Odyssey program; Marathon Digital cancelled its earnings call and will reissue its financials after botching its crypto impairment charges; and, Platypus Finance created a compensation portal for users after its $9.1m exploit.

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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