Daily Market Update: Mar 24, 2023

March 24, 2023

BTC is currently trading around $28,200 and ETH around $1,800. Notable gainers in the last 24 hours are ARB, MASK, and MINA. The global crypto market cap is ~$1.22T, up ~1.2% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 48%.

Crypto is up slightly but risk-off sentiment returned to traditional markets fueled by increased financial stability concerns. Equities are down and bond yields are lower as a result. Deutsche Bank is the latest G-SIB attracting attention, with shares down sharply this morning after its credit defaults swaps rallied yesterday, indicating a worsening credit profile and an increased cost for bond holders to insure against a default.

Notable news includes: Binance temporarily halted spot trading due to a bug; crypto payment restrictions on self-hosted wallets returned to the final EU Parliament AML text; zkSync launched the first zkEVM on mainnet this morning; DRPC launched the first decentralized RPC to challenge Infura and Alchemy; The Graph integrated Banxa to enable fiat payments for its indexing and querying services; Zipmex’s bailout may be in jeopardy as its latest payment is overdue; Do Kwon was charged with fraud by U.S. prosecutors; the Layer 1 blockchain network Radix raised $10m at a $400m valuation; and, the Arbitrum airdrop was heavily Sybil’d with more than 1,500 recipient addresses consolidating into just two wallets after the drop.

Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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