Daily Market Update: Mar 7, 2023

March 7, 2023

BTC is currently trading around $22,400 and ETH around $1,550. Notable gainers in the last 24 hours are FLOKI, ENJ, and XRP. The global crypto market cap is ~$1.07T, down ~0.6% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 44%.

It’s a slow start to the day, with virtually no movement in stocks or crypto as investors await Fed Chair Powell’s congressional testimony beginning at 10 am EST.

Notable news includes: China announced plans to abolish its current financial regulator and replace it with a new regulatory authority covering aspects of banking and central banking, insurance, and securities; Thailand waived crypto tax for investment tokens; the state of Utah passed the Utah DAO Act, giving DAOs legal recognition and limited liability in the state; Alameda sued Grayscale and DCG to allow redemptions of GBTC; GBTC’s discount also narrowed to its lowest level in months (~42%) as it heads into its oral arguments in federal court against the SEC this morning; the DoJ continued to push for an independent investigation of the FTX collapse as it appealed the judge’s decision to pass on appointing an independent examiner; Coinbase hinted that its new L2 network could include AML measures; Bitget integrated with TradingView for crypto derivatives trading; WeChat integrated the digital yuan into its payment platform; Rocket Pool announced its Atlas upgrade, paving the way for increased node operator commissions and lower capital requirements (~10.4 ETH); FLEX rallied ~21% after CoinFLEX’s restructuring plan was approved; after being inspired by Ordinals, Rollkit pitched a second layer sovereign rollup for Bitcoin; TeraWulf powered on 8,000 rigs at its new Nautilus mining facility operating solely on nuclear power generated on-site; Yuga Labs’s Twelvefold Bitcoin NFT auction raised $16.5m; Animoca-backed Forkast Labs created an S&P 500-like index for NFTs; and, Ethereum zero-knowledge rollup Scroll raised $50m at a $1.8b valuation.

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

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