Monday Market Report | March 18th-25th

Mar 25, 2024

byNDAX Labs

📢 Weekly TL;DR

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

NDAXers—a little breathing room in this early bull market to take inventory.

Which unknown government body is looking into the Ethereum Foundation?
What’s going on with Bitcoin price action? And—
As GBTC (Grayscale Bitcoin ETF) outflows continue... BlackRock tumbles further down the crypto rabbit hole. 🕳🐇️

The Ethereum Foundation, the non-profit behind the Ethereum protocol, is facing a confidential inquiry from an unnamed "state authority" according to their website... This comes amid the SEC reportedly investigating whether to classify Ethereum's native ETH token as a security, which could have major implications for Ethereum and the altcoin ecosystem at large. The inquiry's scope is unknown, but the Foundation removed disclosures saying they had never faced such requests. A warrant canary warning was also removed, suggesting they received a secret government subpoena. An attorney speculates a Swiss regulator working with the SEC issued the request, scrutinizing multiple overseas crypto entities. With the SEC evaluating ETH ETF applications, the rumored activity may relate to the upcoming ETH ETF decision deadline. The inquiry has raised the stakes for Ethereum's regulatory status... We’ll keep you updated. (More Ethereum news below.) Coindesk

Bitcoin's price dropped below $64,000 (CA$87K) on Friday, despite major U.S. stock indices like the Dow, S&P 500, and Nasdaq hitting record highs fueled by expectations of interest rate cuts. (This diverged from Bitcoin's typical correlation with risk-on sentiment.) The 4%+ drop in Bitcoin's price, which followed a roughly 8% gain on said dovish Fed FOMC meeting, led to over $54 million in long positions being liquidated on centralized crypto exchanges. Ether fell 3.4% and Solana dropped over 8% in the same period. In total, the crypto market saw $192 million in leveraged trading positions liquidated, with $134 million in long liquidations. This volatility coincided with Bitcoin exchange reserves falling to multi-week lows around 2 million BTC, as investors withdrew coins to cold storage amid Bitcoin's recent price rise. (More BTC price news below.) The Block

Moon boys and girls’ favorite global investment giant (BlackRock) unveiled details for its first tokenized fund issued on a public blockchain: The so-called "BUIDL" fund, built on Ethereum. It was a meme, now also an acronym: The BlackRock USD Institutional Digital Liquidity Fund, was initially registered in the British Virgin Islands last year and will offer tokenized ownership and on-chain trading with a $5 million minimum investment. To bridge traditional and crypto markets, BlackRock is partnering with early Bitcoin believers in BNY Mellon as custodians and Securitize as a registered transfer agent (in which BlackRock also made a strategic investment). This tokenized asset fund of course arrives hot on the heels of their uber-successful spot Bitcoin ETF approved by the SEC in January. While analysts are largely pessimistic on odds of an imminent ETH ETF approval by the SEC, BlackRock's CEO hinted the BUIDL fund may be a steppingstone towards broader tokenization before any such spot Ether product. The unveiling provides clarity after months of speculation around BlackRock's crypto plans following a filing that sent ETH's price surging last November. (More BlackRock-ETH news below.) Decrypt

📰 Other Community News

In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:

Bitcoin ETF net outflows streak hits four days, $836 million Blockworks
Bitcoin eyes 7-month win streak for the first time Cointelegraph
Fed Chair Powell: No ’secret lab’ brewing a digital dollar surprise The Block
Stablecoin bill's 2024 passage looks bleak as talks stall and time dwindles The Block
Vitalik Buterin highlights steps to combat centralization risks in Ethereum's staking ecosystem The Block
BlackRock Seeing Only 'A Little Bit' Demand for Ethereum from Clients, Says Head of Digital Assets Coindesk

For more new stories, visit our LinkedIn

📈 Weekly Moves

Market Summary

The global cryptocurrency market has reached a total market capitalization of CAD $2.55 Trillion.
Bitcoin continues to lead the market with a dominance of 51.7%, followed by Ethereum at 16.2%.

Performance

Bitcoin is currently the top trading pair on NDAX, followed by Solana, Ether, Dogecoin, Shiba Inu, Gala and XRP.
Week over week, the top performer at NDAX (up by over 40%) was DeFi layer 1 protocol Fantom’s token FTM. Its market cap tore through $3B US (spot #42), and FTM is currently trading above CA$1.50.

As of 03//2024 10:00 AM EST, values in CAD.

Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars!

Mid-April- At block height 840,000; The Bitcoin Halving
May – SEC Decision on BlackRock's Ether Spot ETF Decision

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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.