Market Update - March 15 2024
BTC price hits new all-time high; surpassing silver’s market cap: Bitcoin (BTC) captured new all-time highs hitting $73.6K this week, making it the eighth largest asset by market capitalization globally. On March 12, spot BTC exchange-traded funds (ETFs) saw a record SEED_TVCODER77_ETHBTCDATA:1B of net inflows; with Blackrock’s IBIT taking in $849Mof inflows. Additionally, the London Stock Exchange indicated they will start to accept applications to list BTC and ether (ETH) exchange traded notes during the second quarter of this year.
Ethereum completes biggest upgrade in almost a year; ETF odds lower: The highly anticipated Ethereum ‘Dencun’ upgrade was successfully implemented on Ethereum’s mainnet. The upgrade is designed to catalyze growth on layer-2 networks by lowering data fees and enhancing scalability. Meanwhile, Bloomberg analysts have significantly lowered the probability of a spot ETH ETF approval by the SEC to 30%, citing the agency's lack of engagement and concerns over ETH’s regulatory classification.
Consumer prices rise more than expected as inflation persists: In February, prices in the United States for shelter and gas rose more than expected, likely impacting hopes for Fed rate cuts. With the February Consumer Price Index showing a 0.4% monthly increase and a 3.2% annual gain, markets are expecting the Federal Reserve will keep rates unchanged next week and start cutting rates in June, based on implied futures pricing.
Memecoins and altcoins show strength: PEPE, WIF, and FLOKI led the way for memecoins with double digit percentage performance over the last 7 days. Other altcoins related to artificial intelligence, such as NEAR, RNDR, GRT, THETA, and FET, also posted double digit percentage gains over the same period. Layer one tokens such as AVAX, INJ, and RUNE posted double digital gains, and Solana registered an all-time high in daily new addresses, at over 691K.
🔒 Topic of the Week: Passkeys
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