Daily Market Update: March 14, 2024

March 14, 2024

BTC is currently trading around $70,900 and ETH around $3,850.  Notable gainers in the last 24 hours are WIF, PEPE, and BONK.  The global crypto market cap is $2.82T, down 1.1% over the last day.  DeFi Total Value Locked is ~$102b and BTC dominance is around 54%.

Global equity markets are down small while rates are higher after US producer prices rose more than expected in February.  Specifically, the US Producer Price Index rose 1.6% over the last year, its biggest increase since September 2023 and well above the 1.1% increase expected.  The higher than expected whole prices will likely further subdue expectations for a near-term Fed rate cut.

Meanwhile, Ethereum successfully implemented its Dencun upgrade yesterday, and data blobs almost immediately began streaming in.  The upgrade, which was described as the most complex fork since The Merge, was met with widespread celebration, especially as L2 transaction costs have already fallen by as much as 95% on some networks.  See here for the change in average fees since Dencun by L2, here for a real-time blob transaction explorer, here for information about L2 data availability layers, and here to add your own blob to Ethereum.

Notable news includes: Hong Kong kicked off the second phase of its CBDC pilot; an ECB executive stated it plans to roll out a Euro CBDC in November 2025; a judge ruled that Craig Wright is not Satoshi; a US federal judge allowed the SEC lawsuit against Gemini and Genesis over its Earn product to proceed; JMP Securities predicted spot Bitcoin ETFs could see $220b of inflows over the next three years; Bernstein predicted the total crypto market cap could hit $7.5T by the end of 2025; MicroStrategy announced plans for a $500m convertible note offering to buy more Bitcoin; crypto custody firm Bakkt faces NYSE delisting if its shares remain under $1; Ethereum L2 Blast stopped producing blocks due to issues related to Ethereum’s Dencun upgrade; Pyth launched its Entropy randomness generator on EVM networks; EtherFi moved its TGE up one month with Binance announcing plans to list it on March 18; BNB Chain introduced a rollup-as-a-service to boost its L2 ecosystem; PancakeSwap unveiled its v4 version; and, memecoin Dogwifhat surged 25% after a successful fundraise to put its logo on the Las Vegas Sphere.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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