By Omkar Godbole (All times ET unless otherwise noted)
The stablecoin market is expanding again, led by USDC and bitcoins rally gathering steam.
Panic over the Iran war has cooled in the past 24 hours after President Donald Trump said the conflict could soon be over. The result: Bitcoin, which remained resilient through the turmoil, has surged above $70,000, up more than 4%. The CoinDesk 20 index, ether (ETH), solana (SOL) and XRP (XRP) are up 3% to 5%, and smaller coins like HYPE, ZEC and RENDER are up 7% to 11%.
The market capitalization of USDC, the second-largest dollar-pegged cryptocurrency, is closing quickly at a record high of $78.6 billion, extending a rebound from a late January low of $70.9 billion. Stablecoin leader USDT’s supply has risen to $184 billion from a February low of $183.5 billion.
This uptick in the supply of top coins pegged to the US dollar indicates that the dry powder sitting on the sidelines is rising and could be used to fund new crypto purchases as the rally widens. ETF inflows also support a continued bullish trend.
However, some indicators still call for caution. The Coinbase Premium Index, which measures the difference between bitcoin prices on the Nasdaq-listed Coinbase ( COIN ) exchange and offshore giant Binance, remains negative, a sign that demand from US investors is still lagging. Historically, bull runs have seen sustained Coinbase premiums.
In traditional markets, oil has fallen back below $100, supporting continued stability in all risk assets, including cryptocurrencies. The dollar index and government yields have also pulled back from recent highs. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- 10 March at 9:00 a.m.: Sales of existing homes in the US for February estimated at 3.9 million. (previously 3.91 million)
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Aavegotchi DAO conducts voting 1 and 2 in a multi-sig signer election, asking token holders to select a signer from various nominees. Voting ends March 10.
- Ssv.network DAO votes to rescind DIP-46 and reallocate the originally approved $15 million development budget, splitting it into $14.9 million for DVT and $100,000 as a retroactive research grant. Voting ends March 10.
- The Realtoken Ecosystem Governance DAO votes to temporarily set the interest rate on the RMM (Real Estate Monetary Fund) to zero for 15 days. Voting ends March 10.
- Unlocks
- The token is launched
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 2.56% as of 16 ET Monday at $70,734.01 (24 hours: +4.60%)
- ETH is up 1.68% to $2,061.24 (24h: +3.38%)
- CoinDesk 20 is up 2.02% to 2,015.27 (24 hours: +4.08%)
- Ether CESR Composite Staking Rate is up 17 bps to 2.81%
- BTC funding rate is at 0.0024% (2.6105% annualized) on Binance
- DXY is unchanged at 98.84
- Gold futures are up 2.02% at $5,194.10
- Silver futures are up 6.50% at $89.50
- The Nikkei 225 closed up 2.88% at 54,248.39
- The Hang Seng closed up 2.17% at 25,959.90
- The FTSE 100 rose 1.84% to 10,437.86
- The Euro Stoxx 50 is up 2.94% to 5,852.45
- The DJIA closed Monday up 0.50% at 47,740.80
- The S&P 500 closed up 0.83% at 6,795.99
- The Nasdaq Composite closed up 1.38% at 22,695.95
- The S&P/TSX Composite closed up 0.32% at 33,189.30
- The S&P 40 Latin America closed up 1.61% at 3,532.70
- The US 10-year Treasury yield is unchanged at 4.14%
- E-mini S&P 500 futures are unchanged at 6,823.00
- E-mini Nasdaq-100 futures are unchanged at 25,100.25
- E-mini Dow Jones Industrial Average futures are unchanged at 47,948.00
Bitcoin statistics
- BTC Dominance: 59.53% (0.77%)
- Ether to bitcoin ratio: 0.02905 (-0.27%)
- Hashrate (seven-day moving average): 1,008 EH/s
- Hash price (spot): $31.06
- Total fees: 2.52 BTC / $171,578
- CME Futures open interest: 103,205 BTC
- BTC priced in gold: 13.7 oz.
- BTC vs Gold Market Cap: 4.76%
Technical Analysis
- The chart shows SOL’s daily price action in candlestick format since last August.
- The token is once again caught in a back and forth trading range, this time between $75 and $90, mimicking the October and December-January pattern.
- The next move depends on the direction in which the range ultimately resolves. A bullish resolution could bring a quick-four rally above $100, while a breakdown would indicate a continuation of the broader bearish trend.
Crypto stocks
- Coinbase Global (COIN): closed Monday at $199.79 (+1.30%), +3.46% at $206.70 in premarket
- Circle Internet Group (CRCL): closed at $111.84 (+9.74%), +2.18% at $114.28
- Galaxy Digital (GLXY): closed at $21.50 (+4.57%), +3.09% at $22.16
- MARA Holdings (MARA): closed at $8.66 (+8.11%), +2.31% at $8.86
- Riot Platforms (RIOT): closed at $14.70 (+3.78%), +2.52% at $15.07
- Core Scientific (CORZ): closed at $15.16 (+2.02%), +1.45% at $15.38
- CleanSpark (CLSK): closed at $9.61 (+4.34%), +2.29% at $9.83
- Exodus Movement (EXOD): closed at $10.83 (-0.64%)
- CoinShares Bitcoin Miners ETF (WGMI): closed at $37.33 (+3.49%)
- Bullish (BLSH): closed at $36.06 (+3.15%), +1.14% at $36.47
Crypto Treasury Companies
- Strategy (MSTR): closed at $138.95 (+4.06%), +3.25% at $143.46
- Strive Asset Management (ASST): closed at $8.51 (-2.18%), +4.58% at $8.90
- Sharplink (SBET): closed at $7.60 (+3.26%), +1.71% at $7.73
- Upexi (UPXI): closed at $0.97 (+7.78%), +6.19% at $1.03
- Lite Strategy (LITS): closed at $1.20 (+5.26%)
ETF Flows
Spot BTC ETFs
- Daily net flows: $167.1 million
- Cumulative net flows: $55.52 billion
- Total BTC holdings ~ 1.28M
Spot ETH ETFs
- Daily net flows: -$51.3 million
- Cumulative net flows: $11.61 billion
- Total ETH holdings ~ 5.73 million
Source: Farside Investors
