Daily Market Update: March 19, 2024

March 19, 2024

BTC is currently trading around $64,700 and ETH around $3,300.  Notable gainers in the last 24 hours are FTM, TIA, and STX.  The global crypto market cap is $2.55T, down 3.6% over the last day.  DeFi Total Value Locked is ~$91b and BTC dominance is around 54%.

Equity markets are mixed after the Bank of Japan raised interest rates for the first time in 17 years, ending its negative interest rate regime, and abolished its yield curve control.  While the move caused bond yields to fall and the yen to sell off, the Nikkei stock index closed higher.  All eyes now turn to the Fed, which concludes its two day policy meeting tomorrow.

Meanwhile in crypto, Bitcoin fell below $62,400 after spot Bitcoin ETF flows turned negative for the first time since March 1st.  While $488m of inflows into the Newborn Nine ETFs roughly matched their average daily inflow since launch, record GBTC outflows of $643m pushed total inflows into negative territory at -$154m.  Additionally, a potential hawkish tone from the Fed tomorrow and heightened liquidations also likely weighed on BTC.

Notable news includes: The SEC was sanctioned by a court for “gross abuse of power” and “bad faith conduct” in its action against Debt Box; several crypto and lobbying groups filed amicus briefs in support of Coinbase’s push for the SEC to establish more clear digital assets rules; Genesis Global agreed to pay $21m to the SEC to settle charges relating to Gemini Earn; The UK FCA revealed it will increase efforts to detect crypto market abuse; the world’s largest pension fund, Japan’s GPIF, revealed it is considering investing in “illiquidity assets” including Bitcoin; Grayscale hinted at potentially lowering its GBTC fees as the market matures; Fidelity updated its spot Ethereum ETF application to include staking; Galaxy Digital revealed plans to launch new ETPs in Europe; Southeast Asian super-app Grab began accepting crypto payments in Singapore; Nomura’s Laser Digital and web3 incubator WebN launched institutional tokenization platform Libre on Polygon; Laser Digital tested wrapped USDC transfers with Keyring Network; Matter Labs collaborated with Sygnum to tokenize $50m of treasury reserves on zkSync; Centrifuge launched an onchain fund management platform; Luxor partnered with Binomial to offer the US’s first exchange-traded hash rate futures product; OKX delisted USDT for EU users amidst regulatory concerns; Optimism deployed its fault proof system to Ethereum’s Sepolia test network today; Arbitrum lowered certain fee components yesterday in addition to the lower fees from Dencun; Stellar rolled out its Soroban smart contracts platform; and, liquid restaking protocol EtherFi began distributing its native ETHFI token yesterday.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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