Daily Market Update: March 20, 2024

March 20, 2024

BTC is currently trading around $64,000 and ETH around $3,350.  Notable gainers in the last 24 hours are PEPE, KCS, and STRK.  The global crypto market cap is $2.53T, up 1.2% over the last day.  DeFi Total Value Locked is ~$90b and BTC dominance is around 54%.

Markets are flat heading into the Fed’s policy announcement, press conference, and Summary of Economic Projections due this afternoon.  Inflation is proving somewhat persistent, and it’s likely that the Fed reiterates its message that it needs more evidence that inflation is headed towards its 2% target before it can begin easing monetary policy.

Elsewhere, outflows from the spot Bitcoin ETFs reached their highest daily total since launch yesterday, with $326m leaving the funds.  The large outflow was due to both heightened GBTC outflows that were 60% above their average since conversion and subdued inflows into the Newborn Nine that were 80% below their average daily inflow since launch.  While Bitcoin did breach $61,000 on the news, it has since recovered and is now up 2% over the last 24 hours.

Notable news includes: Argentina outlined plans to supervise crypto exchanges; Robinhood rolled out its crypto wallet to Android users globally; payments giant Alipay collaborated with Avalanche to create a web3 voucher program; BlackRock partnered with tokenization platform Securitize to launch a new pooled investment fund; the Grayscale Ethereum Trust discount to NAV fell to 20% as hopes for conversion to a spot ETF in May fade; Grayscale added staking to its spot Ethereum ETF application; MicroStrategy now holds 1% of the total Bitcoin supply after its recent purchase; Kraken’s institutional platform debuted its Kraken Custody service; Diogo Monica, the cofounder of crypto custody firm Anchorage, joined Haun Ventures; the Twitter account of hardware wallet maker Trezor was compromised; and, StarkNet revealed plans to add parallel execution in 2Q.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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