Daily Market Update: March 7, 2024

March 7, 2024

BTC is currently trading around $66,900 and ETH around $3,800.  Notable gainers in the last 24 hours are AKT, AGIX, and FTM.  The global crypto market cap is $2.65T, up 1.8% over the last day.  DeFi Total Value Locked is ~$97b and BTC dominance is around 54%.

Equity markets are mixed today, while yields are relatively unchanged.  Fed Chair Powell’s congressional testimony yesterday contained no surprises, as the central bank head reiterated the need to gain greater confidence that inflation is moving towards the central bank’s 2% target prior to cutting rates.  Meanwhile in Europe, the ECB held interest rates steady this morning, though staff lowered its expectations of both economic growth and inflation for this year.  The market now expects the ECB to start cutting rates in June.  Finally, BTC volatility lessened over the last day, with the 24 hour trading range spanning ~$2,000 and total crypto liquidations totaling ~$200m – both much more subdued compared to recent days.

Notable news includes: RAK DAO partnered with Tencent Cloud to help facilitate the growth of startups in the UAE’s dedicated crypto zone; Nigeria announced that it will introduce more strict crypto regulations; India’s National Informatics Centre revealed it is hosting 8m government-issued verifiable documents on five blockchains; Hong Kong’s central bank announced a new wholesale CBDC project to research and test tokenization use cases; Spain banned Worldcoin for up to three months amidst a broader investigation; SEC Chair Gensler stated he would “defer on that question” when asked whether ETH is a security during an interview; DCG filed a motion to dismiss the NYAG’s $3b lawsuit; the Arizona Senate proposed to add spot Bitcoin ETFs to state retirement portfolios; the Greek stock exchange ATHEX announced it may launch a new onchain fundraising tool on Sui; travel booking website Travala introduced a new Bitcoin cash back program; many top NFTs collections materially underperformed over the last week when measured in ETH terms; and, daily active users on Farcaster fell 60% from its peak a month ago.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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