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Trading Desk Market Update: 3/9

March 9, 2022

BTC is currently trading around $42,200 and ETH around $2,750.  Notable gainers in the last 24 hours are LUNA, SNX, and XMR.  The global crypto market cap is $1.92T, up 6.0% over the last day.  DeFi Total Value Locked is ~$204b and BTC dominance is around 44%.

Crypto prices are higher as US President Biden has signed a better-than-feared executive order on digital assets.  The order outlines the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology, and lays out a national policy across six key priorities: consumer and investor protection; financial stability; illicit finance; US leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.  The order also directs the government to explore the potential launch of a CBDC.  All eyes now turn to tomorrow’s US CPI release, where expectations call for a 7.8% year-over-year increase in headline prices in February.

In other news: US Senator Warren is drafting a bill to track transactions to private crypto wallets; Binance intends to acquire non-crypto businesses to expand the appeal of digital assets; Blockchain infrastructure platform Blockdaemon acquires crypto onramp company Gem; The Avalanche Foundation has established a $290m fund for subnet development; and, Ethereum transaction fees are near their August 2021 rates as NFT activity has cooled.

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