Daily Market Update: Mar 14, 2023

March 14, 2023

BTC is currently trading around $26,000 and ETH around $1,750. Notable gainers in the last 24 hours are CFX, IMX, and WBT. The global crypto market cap is ~$1.17T, up ~11.8% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 46%.

Markets are moving sharply higher on improved sentiment despite seemingly little fundamental change. Regional banks have caught a sharp bid following yesterday’s selloff, adding some credence to the view that government actions may have been sufficient to temper the concerns of depositors and investors. The 2Y treasury yield bounced ~31 bps after its sharpest three-day plummet since Black Monday in October 87’. Expectations for the Fed are shifting fast in this environment, but consensus remains that the Fed will hike by 25 bps next week. Headline inflation came in slightly lower than last month and inline with expectations (6% vs. 6.4% prev), but lower energy prices bolstered this, and Core CPI slightly missed expectations and rose modestly.

Other notable news includes: The EU Parliament passed smart contract regulation under its Data Act; The DoJ is probing TerraUSD’s collapse; The CFTC named executives from Circle and Fireblocks to its new tech advisory group; Binance suspended GBP deposits and withdrawals as its financial services partner Skrill ceased support; Coinbase disabled trading for BUSD; TUSD’s supply crossed $2b; BitMEX temporarily halted all trading activities; Coinbase filed an Amicus Brief in the insider trading case of an ex-employee asking for rule making; CME unveiled the launch of its daily expiring Bitcoin event contracts that resemble binary options; dYdX rallied as a vote passed to reduce trading rewards by 45%; and, Sam Altman’s Worldcoin unveiled its underlying identity protocol, World ID.

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

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