Daily Market Update: March 29, 2024

March 29, 2024

BTC is currently trading around $70,200 and ETH around $3,550.  Notable gainers in the last 24 hours are WIF, TIA, and BSV.  The global crypto market cap is $2.78T, down 0.1% over the last day.  DeFi Total Value Locked is ~$98b and BTC dominance is around 54%.

The Fed’s preferred inflation gauge, core PCE, increased 2.8% year-over-year in February, down 10 bps from January’s growth rate and exactly matching expectations.  All eyes now turn to a speech by Fed Chair Powell in a few hours to glean clues on monetary policy, where markets currently expect the Fed to begin cutting rates at its June meeting.

Notable news includes: Taiwan’s crypto sector received government approval to form an industry association; a California judge dismissed a class action lawsuit against Apple that accused the tech giant of imposing restrictions on third-party crypto payments; TRM reported that the Tron blockchain accounted for 45% of illicit crypto volume in 2023; US spot Bitcoin ETFs saw their fourth consecutive day of inflows; Bitwise filed for a spot Ethereum ETF and highlighted their correlation analysis that closely matched the SEC’s methodology in the SEC’s assessment of the spot Bitcoin ETFs; and, Dogwifhat hit an all-time high and flipped Pepe.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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