Daily Market Update: March 15, 2024

March 15, 2024

BTC is currently trading around $68,000 and ETH around $3,700.  Notable gainers in the last 24 hours are JUP, MSOL, and CFX.  The global crypto market cap is $2.71T, down 4.7% over the last day.  DeFi Total Value Locked is ~$97b and BTC dominance is around 53%.

The global crypto market cap is down nearly 5% over the last day and BTC touched as low as $65,850, likely due to several factors.  First, inflows into US spot Bitcoin ETFs fell to just $132m yesterday, or roughly 50% of their average daily inflows since launch.  Second, two US Senators wrote a letter to SEC head Gensler asking him not to approve any more digital asset ETFs, potentially dampening the odds of a near-term spot Ethereum ETF approval.  Third, yesterday’s elevated US wholesale price data is pushing out expectations for Fed cuts, lifting interest rates, and suppressing risk asset prices.  And lastly, over $750m in liquidations have occurred over the last 24 hours, mostly on the long side.

Notable news includes: President Bukele revealed that El Salvador has double the Bitcoin than previously thought; $190b wealth manger Cetera added spot Bitcoin ETFs to its platform; Binance spun off its Binance Labs venture capital arm earlier this year; Ethereum restaking project EigenLayer published a roadmap outlining its gradual plan to launch its mainnet; NFT marketplace SuperRare expanded into Bitcoin Ordinals; the Avalanche Foundation bought five memecoins to add to its treasury; Dogecoin rose after Elon Musk said Tesla should enable purchases with the memecoin; Bifrost partnered with Stacks to introduce Bitcoin-based yield and the BtcUSD stablecoin on Stacks; crypto wallet Zerion announced it will launch an Ethereum L2 with no fees; The Graph expanded its data indexing services to more blockchains; and, Metis launched the alpha version of its decentralized sequencer.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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