Daily Market Update: Mar 9, 2023

March 9, 2023

BTC is currently trading around $21,700 and ETH around $1,550. Notable gainers in the last 24 hours are KLAY, FIL, and APT. The global crypto market cap is ~$1.04T, down ~1.5% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 44%.

It’s a mixed day for risk assets, with U.S. equities slightly higher while crypto and non-U.S. equities are generally lower. Tomorrow’s nonfarm payrolls release is particularly notable given the material upside surprise in January, and it will likely be a key variable as the Fed weighs between a 25 bp and 50 bp hike at its next meeting. Elsewhere, the Bank of Canada (BoC) held firm on its decision to pause rate hikes despite expectations for future hikes increasing in the U.S. The BoC became the first major central bank to pause hikes during this cycle.

Notable news includes: Silvergate announced it would wind down operations and liquidate its business, weakening the crypto ecosystem’s banking support; Biden’s upcoming budget proposal aims to double the capital gains tax rate and clamp down on crypto wash sales, but the proposal is not expected to gain sufficient support; SWIFT announced it would start the second phase of its pilot after determining there is value in a CBDC; Crypto.com revealed it can now only provide Euro-denominated banking services to users in the European Economic Area, the announcement comes after previously losing its ability to accept USD deposits; Amazon is expected to launch its NFT marketplace in April; Mastercard partnered with Bybit to introduce a new crypto-powered debit card; Gate similarly partnered with Visa to launch its own crypto debit card in Europe; Mt. Gox’s BTC repayment registration deadline was pushed into April; FTX reached a deal to sell its interest in Sequoia to Abu Dhabi’s investment arm; Proven raised $15m to develop a ZK-based proof-of-solvency protocol for CEXs and other centralized actors in crypto; and, a judge refused to consolidate class-action lawsuits against FTX.

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

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