Weekly Market Insight: March week 3

English

Market Updates

11 Mar 2024

Headline News

- Bitcoin has hit all-time-highs by crossing above $70,000. The UK's Financial Conduct Authority stated it would not object to requests from recognized investment exchanges to create a UK listed segment for crypto-backed ETNs. The London Stock Exchange stated will accept applications for admission to Bitcoin and Ethereum ETNs from the second quarter of this year.
- Ethereum increased by 11.22% in the past week, compared to Bitcoin 9.29%, due to the highly anticipated Dencun upgrade which is happening this Wednesday, March 13th at around 9:55pm.

Macro-Outlook

- February non-farm payroll released last Friday was 275K, higher than the market estimated 200K. The unemployment rate in February was 3.9%, also higher than the market estimation of 3.7%. The average hourly earnings in February increased by 0.1% month-over-month, lower than the estimation of 0.3%. Mix signals between pressure on wage-price spiral and recession risk.
- Jerome Powell reemphasized his stand on the necessity of further evidence needed before cutting the rate in the congress testimony last week. In the upcoming FOMC meeting on 20th March, the market expects 97% probability the rate will remain unchanged.

Upcoming Economic Calendar including,

- Tuesday, March 12th 8:30pm: US inflation rate in February
- Thursday, March 14th 8:30pm: US PPI and Retail Sales in February

Cryptos-Outlook

Layer 1 and Layer 2

- Gnosis introduced Gnosis 3.0, representing a pivotal shift from infrastructure focus to application focus such as Gnosis Pay and Gnosis Wallet.
- Conflux Network has announced its assistance in beta-testing AxHKD, a HKD-backed stablecoin.

Dapps

- Injective's inEVM is live and interoperable with Hyperlane and LayerZero.
- Binance listed AEVO in its launchpool. It also introduced Futures NEXT, which enables users to engage with token listings.
- CyberConnect introduced launching a modular L2 with OP stacks, AltLayer and EigenLayer as its data availability layer. CYBER will be used in dual staking to secure the network.
- AIT Protocol introduced Einstein-AIT GPU Mining feature, empowers sealess access to its advanced computational resources through user-friendly APIs.
- Theta launched Edge Node on Linux and Edge Cloud for mobile, empowering AI rendering on the move.

Upcoming Alpha: Token Unlock, Governance

- MakerDAO increased its DAI Saving Rate to 15%, making demand for DAI even more appealing.
- Near Protocol, Render and Ankr are participating in the upcoming Nvidia GTC 24 conference from March 18th to 21st.
- Gains Network v8 is expected to be launched in March, introducing multiple take-profit levels within a single position and more.
- Sei v2 is expected to be launched by June 2024, supporting both Cosmwasm and EVM, optimistic parallelization, optimized storage and faster finality.
- APT token unlocked on March 13th, amount representing 6.75% of the token supply.
- CYBER token unlocked on March 15th, amount representing 5.98% of the token supply.
- ARB token unlocked on March 16th, amount representing 87.2% of the token supply.
- APE token unlocked on March 17th, amount representing 2.61% of the token supply.
- MANTA token unlocked on March 18th, amount representing 2.66% of the token supply.
- PIXEL token unlocked on March 19th, amount representing 7.05% of the token supply.
- IMX token unlocked on March 22nd, amount representing 2.46% of the token supply.
- ID token unlocked on March 22nd, amount representing 18.23% of the token supply.

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