Daily Market Update: Mar 16, 2023

March 16, 2023

BTC is currently trading around $25,000 and ETH around $1,650. Notable gainers in the last 24 hours are GMX, GRT, and BNB. The global crypto market cap is ~$1.12T, down ~0.6% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 46%.

Equities and crypto are both slightly lower, and short duration treasury yields are about 10-15 bps above yesterday’s lows. Volatility has tapered slightly, but dispersion remains elevated beneath the headline index levels, particularly in Financials, as Credit Suisse rallied its most on record after receiving a $50b loan from the Swiss National Bank. First Republic, on the other hand, is down more than 20% as it seeks to add liquidity and is reportedly exploring a sale. As investors debate between a Fed pause or a 25 bp hike next week, the ECB hiked rates by a consensus of 50 bps this morning while vowing to support the financial system via other tools if necessary.

Notable news includes: Arbitrum announced its long rumored token airdrop and its transition to a DAO; a Reuter’s report indicated the FDIC would require potential Signature buyers to cease crypto activities; Congressman Emmer penned a letter to the FDIC to investigate reports its intentionally strangling crypto activity; The Federal Reserve announced a July launch for FedNow, its 24/7 instant payment network for financial institutions; a bankruptcy judge rejected the U.S. government’s request to delay the Voyager/Binance US deal; Fidelity Crypto went live; USDT supply now more than doubles USDC amidst a wave of redemptions; BAYC Sewer Pass NFT’s will transform into robots in the next stage of the Dookey Dash game; Ark raised ~$16m for a new crypto fund; the Euler exploiter moved funds through Tornado Cash; and, Europol shutdown ChipMixer and seized $46m in bitcoin.

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

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