BTC is currently trading around $27,000 and ETH around $1,750. Notable gainers in the last 24 hours are IMX, CFX, and STX. The global crypto market cap is ~$1.18T, up ~5.6% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 47%.
Crypto is outperforming with bitcoin leading the charge (+7.7%) as banking fears continue to spread and weigh down equity markets. A group of banks led by JPMorgan, Citi, and BofA agreed to deposit a sum of $30b in First Republic (FRC) in a show of confidence in the banking system, leading to a nearly +100% intraday swing in FRC yesterday, but investor skepticism seemingly remains with the stock down ~17% this morning. Credit Suisse is similarly down ~10% despite shoring up emergency funding from the Swiss National Bank. Elsewhere, Eurozone inflation was inline with expectations, coming in at 8.5%, slightly down from 8.6% previously. All eyes will turn to the FOMC meeting next week.
Notable news includes: SVB Financial Group filed for Chapter 11 bankruptcy; Ethereum’s Shapella upgrade that will enable staked ETH withdrawals is set for April 12th; crypto custody firm Copper shelved its enterprise business targeting banks and funds; Deribit’s new Bitcoin Volatility Futures will debut for trading on March 27; Synthetix’s perp volume breached a new record high; TrueUSD moved $1b of its reserves to the Bahamas after recent banking failures in the U.S.; LinksDAO won its bid to purchase a golf course in Scotland; NFT project Doodles is facing backlash after its founder claimed its “no longer an NFT project”; and, the Euler exploiter sent 100 ETH to a Lazarus Group-tagged wallet.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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