Daily Market Update: March 6, 2024

March 6, 2024

BTC is currently trading around $66,300 and ETH around $3,850.  Notable gainers in the last 24 hours are RBN, WIF, and UNI.  The global crypto market cap is $2.60T, down 1.5% over the last day.  DeFi Total Value Locked is ~$95b and BTC dominance is around 54%.

Equity markets are mixed as investors await Fed Chair Powell’s testimony on monetary policy before the House Financial Services Committee later today.  Fed officials have stated they expect to cut rates sometime this year, but want more evidence that inflation is moving towards their 2% target first.  Meanwhile, bitcoin rebounded after retracing below $61,000 yesterday.  The heightened volatility contributed to over $1.1b in total crypto liquidations over the last 24 hours.

Notable news includes: The SEC settled with ShapeShift regarding allegations the exchange sold unregistered securities; the advertising subsidiary of South Korean conglomerate Lotte partnered with Aptos to create a web3 hub; Japan’s Daiwa Securities acquired a 10% ownership in crypto startup Penguin; Revolut launched Revolut Ramp to allow users to purchase crypto directly into their MetaMask wallets; BlackRock’s IBIT hit a record daily inflow of $788m; Grayscale launched a new crypto staking fund that owns tokens for nine blockchains; the Osprey Bitcoin Trust announced its looking to sell itself or will deregister and liquidate if unable to do so; Bitcoin layer 2 Stacks added six new signers to oversee new blocks and deposit and withdrawal transactions; restaking protocol EigenLayer became the second largest protocol by TVL with $11.2b; Astar became the first user of Polygon’s new AggLayer, which offers shared liquidity and state; and, Solana-based memecoin dogwifhat hit an all-time high after it was listed on Binance.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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