Daily Market Update: Mar 27, 2023

March 27, 2023

BTC is currently trading around $27,800 and ETH around $1,750. Notable gainers in the last 24 hours are XRP, TON, and NEO. The global crypto market cap is ~$1.20T, down ~0.5% over the last day. DeFi Total Value Locked is ~$49b and BTC dominance is around 48%.

Equities and bond yields are moving higher as crypto was sideways over the weekend. Regional banks are leading the upward charge behind two prominent developments. First Citizens Bank agreed to purchase $72b of Silicon Valley Bank’s (SVB) assets at a $16.5b discount, leaving ~$90b of residual assets for the FDIC to dispose of and an estimated ~$20b hit to the deposit insurance fund. Additionally, U.S. authorities are reportedly evaluating an expansion of the emergency lending facility for banks that would give First Republic more time to stabilize its balance sheet. Terms of the support are still under evaluation, but the source additionally noted that U.S. officials believe First Republic is sufficiently stable and does not require immediate intervention. First Citizens and First Republic are up ~22% and ~27%, respectively.

Notable news includes: Chinese state-owned banks are reportedly offering services to Hong Kong-based crypto companies as the city embraces a more friendly regulatory approach; MicroStrategy revealed that it repaid its $205m loan to Silvergate and acquired ~6,455 bitcoin at a $23.2k average price; dwpbank revealed plans to offer Bitcoin trading to 1,200 affiliate banks in Germany via its upcoming wpNex platform; more than $286b flowed into money markets in two weeks during March as banking uncertainty grew; an Amazon email appears to confirm that digital tokens, an NFT gallery, and resale opportunities are coming to the site; Avalanche’s C and X-chains suffered a temporary outage as a new software version introduced a bug; MakerDAO overwhelmingly voted to keep USDC as its primary collateral and rejected diversifying into GUSD and USDP; Arbitrum has settled into a top 40 token after more than ~80% of its airdrop has been claimed; and, the Euler exploiter returned over 58,000 stolen ETH over the weekend.

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

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