Daily Market Update: March 26, 2024

March 26, 2024

BTC is currently trading around $70,400 and ETH around $3,600.  Notable gainers in the last 24 hours are WIF, APT, and FET.  The global crypto market cap is $2.79T, up 4.8% over the last day.  DeFi Total Value Locked is ~$95b and BTC dominance is around 54%.

Bitcoin is higher as the spot Bitcoin ETFs posted net inflows for the first time after five consecutive days of outflows.  In addition, several positive news items came out, including: South American gold mining company Nile Resources signed a Letter of Intent to acquire $1.7b of Bitcoin, and the London Stock Exchange announced that Bitcoin and Ethereum ETNs will debut on May 28.

Notable news includes: The US Treasury’s OFAC sanctioned several crypto firms with ties to Russia; the SEC is seeking $2b in fines and penalties from Ripple Labs due to unregistered XRP sales over the past three years; the SEC’s lawsuit against Terraform Labs began yesterday; The DeFi Education Fund sued the SEC to clarify the status of airdrops as non-securities offerings; SWIFT announced plans to launch a CBDC platform in 2025-2026; The UAE central bank held a signing event to kick off its CBDC strategy; Turkey’s Misyon Bank announced a partnership with Taurus for digital asset custody and tokenization services; tech giant Panasonic partnered with JasmyCoin to develop an IoT platform; the fifth largest Bitcoin whale address transferred $6b of BTC to three new addresses for the first time since 2019; the market share of Ethereum execution client Geth fell to 66% after Coinbase switched half its validators to Nethermind; and, Base is seeing a surge in activity due to memecoin trading.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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