By Omkar Godbole (All times ET unless otherwise noted)
Bearish macro headlines are dominating crypto market sentiment, as they have for most of the month, but concrete updates advancing mainstream blockchain adoption still have the ability to resonate with investors.
This is evident from Canton Network’s CC token’s 7% gain over the past 24 hours. It is the second best performing token in terms of market value, behind Ondo Network’s ONDO token, which increased by 9%.
CC’s rise follows Visa’s announcement that it has joined Canton Network as a super validator, helping to secure and validate transactions on the blockchain.
The move is crucial because it brings a global payments giant to a privacy-preserving network, specifically designed for institutions that want to transact on the blockchain without exposing sensitive data to other network participants.
Visa will help “expand privacy-preserving blockchain infrastructure to banks and financial institutions around the world,” the company said in an official statement.
Privacy is widely seen as an essential requirement for broader institutional adoption of the technology. At Consensus Hong Kong in February, investment banking giant JPMorgan and crypto firms Abraxas and B2C2 highlighted the need for privacy-preserving infrastructure, noting that institutions are unlikely to conduct large-scale transactions on fully transparent networks where sensitive financial data could be exposed.
ONDO is also recovering mainly due to its leadership position in the real-world asset tokenization sector, highlighted by the announcement earlier this week of its partnership with Franklin Templeton for the tokenization of traditional assets.
The broader market remains under pressure due to geopolitical tensions and oil prices, which have traders anticipating a Fed rate hike in two weeks.
Bitcoin fell more than 3% to $66,800, alongside similar losses in Ether (ETH) and XRP (XRP). Solana’s SOL token fell more than 5% and the CoinDesk 20 Index (CD20) lost 3%.
According to Marex, new capital outflows from spot ETFs are weighing on bitcoin.
“ETF outflows have regained momentum, suppressing regular offerings and making drawdowns appear less protected,” Marex analysts said in a morning note.
They added that with the expiration of quarterly options, the market is once again more exposed to the real catalysts: oil, war headlines, rates and risk appetite.
As for risk appetite, it may remain low as government bond yields in advanced economies, notably the United States and Japan, rise again. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- March 27, 10:00 a.m.: Michigan U.S. consumer sentiment final for March est. 55.5 (previous 56.6)
- Earnings (Estimates based on FactSet data)
- March 27: Sphere 3D (ALL), post-release, -$4.68
- March 27: Bonk Inc (BNKK), post-market
- March 27: Mawson Infrastructure Group (MIGI), post-market, -$10.40
- March 27: ZeroStack (ZSTK), post-market, -$1.97
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Unlocks
- Token Launches
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 6.13% from 4 p.m. ET Thursday at $66,329.42 (24 hours: -4.44%)
- ETH is down 8.13% at $1,987.25 (24 hours: -4.27%)
- CoinDesk 20 is down 3.34% at 1,909.22 (24 hours: -3.86%)
- Ether CESR composite staking rate unchanged at 2.74%
- BTC funding rate is -0.0097% (-10.5930% annualized) on Binance
- DXY is up 0.10% at 100.00
- Gold futures unchanged at $4,460.60
- Silver futures unchanged at $68.82
- The Nikkei 225 closed down 0.43% at 53,373.07
- Hang Seng closed 0.38% higher at 24,951.88
- The FTSE is down 0.69% at 9,902.97
- The Euro Stoxx 50 is down 1.39% at 5,488.69
- DJIA closed Thursday down 1.01% at 45,960.11
- The S&P 500 closed down 1.74% at 6,477.16
- The Nasdaq Composite closed down 2.38% at 21,408.08
- The S&P/TSX Composite Index closed down 1.53% at 31,887.52
- The S&P 40 Latin America closed up 0.44% at 3,481.68
- The 10-year US Treasury yield is up 9 basis points to 4.42%
- E-mini S&P 500 futures are down 0.51% at 6,492.00
- E-mini Nasdaq-100 futures are down 0.71% at 23,624.25
- The E-mini Dow Jones Industrial Average is down 0.48% at 46,009.00
Bitcoin Statistics
- BTC dominance: 58.49% (-0.61%)
- Ether-bitcoin ratio: 0.02996 (0.07%)
- Hashrate (seven-day moving average): 994 EH/s
- Hash price (spot): $31.97
- Total fees: 2.37 BTC / $164,687
- Open Interest on CME Futures: 118,140 BTC
- BTC valued in gold: 15.1 ounces.
- BTC vs. gold market capitalization: 4.44%
Technical analysis
- The chart shows daily Bitcoin price fluctuations in candlestick form since July last year.
- BTC slid to trendline support from the February 6 low, characterizing the price rebound as part of a broader downtrend.
- If the support gives way, we could see a larger sell-off that could test the decline in demand around the February lows near $60,000.
- The latest trend is similar to that seen in December and January, which ended up worsening the sell-off.
Crypto Stocks
- Coinbase Global (COIN): Closed Thursday at $173.38 (–4.26%), –1.72% at $170.39 in pre-market
- Galaxy Digital (GLXY): closed at $19.61 (–8.06%), –1.33% at $19.35
- MARA Holdings (MARA): closed at $8.58 (+3.62%), –0.58% at $8.53
- Riot Platforms (RIOT): close at $14.01 (–7.62%), –0.18% at $13.98
- Core Scientific (CORZ): closed at $15.79 (–7.39%), –0.51% at $15.71
- CleanSpark (CLSK): closed at $9.30 (–6.63%), –0.54% at $9.25
- Exodus Movement (EXOD): closed at $6.85 (–6.04%)
- CoinShares Bitcoin Miners ETF (WGMI): Closed at $37.08 (–7.99%)
- Circle Internet Group (CRCL): closed at $98.27 (–5.38%), –2.35% at $95.96
- Bull (BLSH): closed at $36.44 (–2.64%), –0.93% at $36.10
Crypto Cash Companies
- Strategy (MSTR): closed at $132.93 (–4.46%), –0.99% at $131.61
- Strive Asset Management (ASST): closed at $10.41 (–4.06%), –1.15% at $10.29
- SharpLink Gaming (SBET): closed at $6.53 (–10.30%), –0.61% at $6.49
- Upexi (UPXI): closed at $1.07 (–10.08%), +1.87% to $1.09
- Lite Strategy (LITS): closed at $1.16 (–3.33%)
ETF Feed
Spot BTC ETF
- Daily net flows: -$171.3 million
- Cumulative net flows: $56.14 billion
- Total BTC holdings ~1.29 million
ETH Spot ETF
- Daily net flows: -$92.5 million
- Cumulative net flows: $11.6 billion
- Total ETH holdings ~5.76 million
Source: Farside Investors
