Daily Market Update: March 28, 2024

March 28, 2024

BTC is currently trading around $70,900 and ETH around $3,550.  Notable gainers in the last 24 hours are DOGE, FLOKI, and AGIX.  The global crypto market cap is $2.79T, up 2.5% over the last day.  DeFi Total Value Locked is ~$99b and BTC dominance is around 54%.

Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, received a 25-year prison sentence today.  SBF was found guilty on seven counts of fraud last year related to stealing FTX customer money and lying to investors and creditors.  During sentencing, Judge Kaplan stated that SBF “will be in a position to do something very bad in the future” and chided SBF for not showing remorse.  While not admitting fault, SBF did apologize for the collapse of FTX and his defense team vowed to appeal both the conviction and the sentence.

Notable news includes: The Financial Action Task Force stated that fewer than 30% of jurisdictions globally have started regulating crypto; Indonesia announced it will transition crypto industry supervision to the Financial Services Authority and require crypto firms to undergo evaluation in a regulatory sandbox prior to licensing; the US and UK are investigating $20b of USDT that passed through sanctioned Russian exchange Garantex; KuCoin announced a $10m airdrop for customers amidst charges filed by the US Department of Justice; Google expanded its search engine capabilities to include more blockchain data from more networks; tokenized US Treasuries on public blockchains surpassed $1b in AUM; BlackRock’s new tokenized fund BUIDL attracted $240m in one week; Fidelity registered for a spot Ethereum ETF; blob fees on Ethereum spiked yesterday due to the introduction of BlobScriptions; blockchain-based game Big Time generated over $100m in revenue; and, Mantle launched a new Mantle Rewards Station.

Sign up to conveniently receive GSR crypto content in your inbox.

Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. The Firm is not and does not act as an advisor or fiduciary in providing this material.  GSR is not authorised or regulated in the UK by the Financial Conduct Authority.  The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services. 

This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.

Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.