Daily Market Update: March 13, 2024

March 13, 2024

BTC is currently trading around $72,400 and ETH around $4,000.  Notable gainers in the last 24 hours are TON, WIF, and QNT.  The global crypto market cap is $2.86T, up 1.3% over the last day.  DeFi Total Value Locked is ~$105b and BTC dominance is around 54%.

Ethereum’s Dencun upgrade is set to occur shortly at 13:55 UTC / 9:55am EST.  As a reminder, Dencun will add a new transaction type that will carry data blobs to materially expand mainnet’s data availability throughput and drastically lower the cost for L2s to post data back to Ethereum, likely resulting in L2 transaction costs falling 70%+.  To learn more, see our Ethereum Roadmap report, this great explainer video, or join the Dencun Upgrade Livestream.

Meanwhile, Bitcoin set a new all-time high shortly ago, reaching $73,600 before dropping back down as inflows into the spot ETFs may be accelerating.  Indeed, Monday saw over $500m of total inflows, including $1.0b into the newborn nine ETFs while yesterday saw a record $1,045m of total inflows as the newborn nine hit $1.1b of inflows and GBTC outflows drastically fell.  Note that some are attributing the sudden decline in GBTC outflows to Grayscale’s recent filing to spin off a “mini” spot Bitcoin ETF from GBTC that will have lower fees and enable a tax free transfer.

Notable news includes: Russian President Putin signed a law allowing firms in the country to use digital financial assets in international payments; Indonesia’s OJK issued new regulation around technological innovation, including blockchain/crypto, in the financial sector that will take effect in January 2025; EU regulators published a batch of draft rules for stablecoins under MiCA; Thailand introduced an income tax exemption for investment tokens; the operator of the crypto mixer Bitcoin Fog, Roman Sterlingov, was convicted of money laundering and other charges in the US; 45 prominent institutions including Goldman Sachs, BNY Mellon, and Cboe Global Markets successfully concluded a large-scale pilot test using blockchain technology on the Canton Network; Solana-based NFT marketplace Tensor announced it will launch its TNSR governance token; MakerDAO announced it will commence its Endgame overhaul this summer, and will issue new stablecoin, governance, and SparkDAO tokens; liquid restaking token protocol Swell announced plans to develop an Ethereum L2 restaked rollup; and, rapper Drake shared Michael Saylor’s bullish take on Bitcoin to his 146m Instagram followers.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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