Daily Market Update: March 25, 2024

March 25, 2024

BTC is currently trading around $69,900 and ETH around $3,600.  Notable gainers in the last 24 hours are AR, ICP, and WIF.  The global crypto market cap is $2.78T, up 6.2% over the last day.  DeFi Total Value Locked is ~$95b and BTC dominance is around 54%.

Equity markets are roughly flat after US President Biden signed a $1.2T spending package over the weekend to avoid a government shutdown and fund the government through October 1.  It’s a light week for economic data, with US PCE inflation and a speech by Fed Chair Powell on Friday as the main events.  Meanwhile, crypto prices are rallying on hopes of greater inflows into the spot Bitcoin ETFs this week.  While the ETFs saw outflows every day last week, inflows into the Newborn Nine remained solid, and there is speculation that the elevated GBTC outflows that took total flows negative were mostly from one or two parties, suggesting they may ebb lower soon and total spot Bitcoin ETF flows may rise.

Notable news includes: The EU’s ESMA published one of its final reports implementing certain measures around MiCA including information to be collected from crypto firms; SEC Chair Gensler stated that some in the crypto markets seek to avoid registration requirements and that the industry could “use a little disinfectant”; a Pakistani university launched metaverse-based classes; researchers reveled that a flaw in the Apple M1 chip enables hackers to steal cryptographic keys; Goldman Sachs reported seeing a resurgence of client interest in crypto assets; ANZ Bank and Chainlink collaborated on onchain settlement solutions on Ethereum and Avalanche; South Korean crypto exchange Bithumb is looking to go public; Ethereum developers agreed to increase the max validator stake from 32 to 2,048 ETH in the upcoming Pectra upgrade; the Polygon zkEVM resumed operations after going down for 10 hours due to issues with its sequencer; Do Kwon was released from a Montenegro prison after his extradition to South Korea was scrapped by the country’s Supreme Court; and, SBF will be sentenced on Thursday.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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