Daily Market Update: March 1, 2024

March 1, 2024

BTC is currently trading around $61,800 and ETH around $3,400.  Notable gainers in the last 24 hours are AGIX, AXL, and FET.  The global crypto market cap is $2.41T, down 1.0% over the last day.  DeFi Total Value Locked is ~$92b and BTC dominance is around 54%.

Equities are up small, while crypto prices are little changed to end the week.  Notably, euro zone headline and core inflation in February of 2.6% and 3.1% year-over-year, respectively, both fell from the prior month, but both exceeded expectations.

Notable news includes: The BIS issued recommendations for global stablecoin arrangements; The FATF downgraded Russia’s compliance rating due to “insufficient crypto regulation”; Nigeria reportedly demanded $10b from Binance in damages for allegedly profiting from “illegal transactions” at the country’s expense; US lawmakers advanced legislation that would overturn an SEC guideline preventing banks from offering digital asset custody services; several US state attorneys general and pro-crypto factions lodged amicus briefs opposing the SEC’s case against Kraken; BlackRock’s spot bitcoin ETF crossed $10b in AUM; Grayscale had its second-largest outflow yesterday; Bank of America and Wells Fargo are now offering eligible wealth management clients access to spot Bitcoin ETFs; Ethereum L2 Blast’s TVL fell 65% in 24 hours after its mainnet launch; various Optimism-based chains deployed the Delta hard fork, designed to significantly reduce fees; StarkWare unveiled its new “blazingly fast” cryptographic prover called Stwo; DeFi protocol Ondo introduced a new blockchain-based solution to trade traditional securities; and, Ethereum NFT card game Gods Unchained launched on iOS and Android.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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