Daily Market Update: March 8, 2024

March 8, 2024

BTC is currently trading around $69,000 and ETH around $3,950.  Notable gainers in the last 24 hours are FLOKI, PEPE, and RUNE.  The global crypto market cap is $2.74T, up 3.4% over the last day.  DeFi Total Value Locked is ~$97b and BTC dominance is around 54%.

Equity markets are slightly higher after US employment data released this morning presented a mixed picture with no clear implications for monetary policy.  Indeed, the US added more jobs than expected in February, though average hourly earnings grew more slowly and the unemployment rate rose more than expected.   

Notable news includes: Uzbekistan partnered with Tether to boost blockchain development and regulation; The Philippine’s blocked crypto company websites that offer investment products without the required licenses; Terra cofounder Do Kwon was cleared for extradition to South Korea; Nissan launched a metaverse experience; Playstation maker Sony applied for a patent for “super-fungible tokens” for games; an institutional research report from Coinbase stated that many AI tokens are overvalued; and, 4% of BTC’s supply is now backing US spot ETFs.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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