Daily Market Update: Mar 22, 2023

March 22, 2023

BTC is currently trading around $28,500 and ETH around $1,800. Notable gainers in the last 24 hours are ADA, BGB, and ALGO. The global crypto market cap is ~$1.23T, up ~0.5% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 48%.

Volatility is muted heading into the Fed’s interest rate decision at 2 pm this afternoon. Equities and crypto are flat, and short-term interest rates are slightly higher. While the Fed is expected to stay the course and hike interest rates by 25 bps, this month’s decision has a relatively higher chance of deviating from expectations given the banking crisis, and several prominent analysts and institutions have called for a pause. The Fed is also scheduled to release an updated dot plot this afternoon, but some believe this may be withheld given the heightened uncertainty for the path forward. Elsewhere, U.K. inflation reversed its three-month downtrend, increasing by 10.4% versus expectations of 9.9% and higher than January’s 10.1% level.

Notable news includes: The IRS intends to tax NFTs as collectibles until further guidance is issued; Sushi and its head chef received an SEC subpoena, and they are considering the establishment of a legal fund to finance the costs; Bitzlato enabled users to withdraw 50% of their BTC; Arbitrum announced it would airdrop ~113m ARB tokens across ~137 DAOs in its ecosystem; Magic Eden launched a marketplace for Bitcoin Ordinals; Apex Group partnered with Deutsche Borse’s crypto subsidiary to offer institutional crypto products; the Seed Club Ventures DAO raised $25m to invest in DAOs; CCP Games raised $40m for its upcoming web3 game; and, North Korea’s Lazarus Group tried to phish the Euler exploiter in an onchain message.

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

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