Trading Desk Market Update: 3/10

March 10, 2022

BTC is currently trading around $39,700 and ETH around $2,650.  Notable gainers in the last 24 hours are XEC, RUNE, and MIOTA.  The global crypto market cap is $1.83T, down 4.7% over the last day.  DeFi Total Value Locked is ~$200b and BTC dominance is around 43%.

Crypto markets are giving back prior day gains as peace talks between Ukraine and Russia made little progress, the ECB held interest rates steady but revealed plans to wind down asset purchases faster than planned, and US headline inflation rose 7.9% year-over-year in February ahead of consensus expectations.

In other news: Yoon Suk-yeol, who pledged to deregulate South Korea’s crypto sector, wins the presidential election; Dubai has adopted the Dubai Virtual Asset Regulation Law requiring the newly created Dubai Virtual Assets Regulatory Authority to create an advanced legal framework for digital assets; Ukraine has now received over $100m in crypto donations; Custodian State Street has entered into a licensing agreement with crypto custodian Copper to develop and launch an institutional-grade digital asset custody product; FTX has launched FTX Access, a new unit geared towards institutional investors offering advisory services, index products and trade execution; Online brokerage Public has acquired NFT fractional investing company Otis; dYdX has launched a beta iOS app for limited users; Smart contract blockchain Elrond is buying payment processing platform Twispay; Ethereum Foundation released the configs for the last public testnet before switching to proof-of-stake; and, THORChain’s RUNE is higher after the cross-chain protocol went live with synthetic asset trading today.

2022.03.10

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