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Trading Desk Market Update: 3/29

March 29, 2022

BTC is currently trading around $47,800 and ETH around $3,450.  Notable gainers in the last 24 hours are WAVES, AAVE, and RUNE.  The global crypto market cap is $2.27T, up 2.1% over the last day.  DeFi Total Value Locked is ~$228b and BTC dominance is around 43%.

Notable news includes: Biden proposed modernizing crypto taxation rules which could generate an incremental $5b in 2023 tax revenue; the SEC proposed expanding the definition of a securities dealer which could negatively impact DeFi; Grayscale is geared up for a legal battle with the SEC if their spot Bitcoin ETF application is denied; Ripple co-founder backs controversial marketing campaign that aims to change Bitcoin’s consensus to proof-of-stake; WisdomTree launched Solana, Polkadot, and Cardano ETPs; CME launched micro-sized bitcoin and ether futures options; Google searches for ‘Ethereum Merge’ hit an all time high; and, Cashio hacker asks victims to apply for refunds, stating they only intended to “take money from those who do not need it”.

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