By Omkar Godbole (All times ET unless otherwise noted)
Bearish macro headlines dominate crypto market sentiment, as they have for most of the month, but concrete updates promoting mainstream blockchain adoption still have the ability to resonate with investors.
This is evidenced by the 7% increase in the Canton Networks CC token over the past 24 hours. It is the second best performing top-100 token by market capitalization, behind Ondo Network’s ONDO token, which is up 9%.
CC’s recovery follows Visa’s announcement that it joined the Canton Network as a supervalidator that helps secure and validate transactions on the blockchain.
The move is significant because it brings a global payments giant onto a privacy-preserving network specifically built 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 worldwide,” the firm said in an official announcement.
Privacy is widely seen as a key requirement for wider institutional use of the technology. At Consensus Hong Kong in February, investment banking giant JPMorgan and crypto firms Abraxas and B2C2 emphasized the need for privacy-preserving infrastructure, noting that institutions are unlikely to trade at scale on fully transparent networks where sensitive financial data could be exposed.
Also, ONDO is rallying primarily due to its pole position in the real world of the asset tokenization sector, underlined by the early week news of its partnership with Franklin Templeton to tokenize traditional assets.
The broader market remains under pressure due to geopolitical tensions and oil prices, which have traders pricing in a Fed rate hike in two weeks.
Bitcoin has fallen over 3% to $66,800 alongside similar losses in Ether (ETH) and XRP (XRP). Solana’s SOL token fell over 5%, and the CoinDesk 20 Index (CD20) lost a 3% drop.
According to Marex, renewed outflows from spot ETFs are weighing on bitcoin.
“ETF outflows have returned in size, removing a stable bid from the band and making dips feel less protected,” Marex analysts said in a morning note.
They added that with the quarterly options expiration out of the way, the market is more exposed to the real catalysts again: oil, war headlines, rates and risk appetite.
Speaking of risk appetite, it may remain weak as government bond yields across the advanced world, including the US and Japan, rise again. 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
- 27 March at 10:00: US Michigan Consumer Sentiment Final for March estimated 55.5 (previous 56.6)
- Earnings (Estimated based on FactSet data)
- March 27: Sphere 3D (ANY), after market, -$4.68
- March 27: Bonk Inc (BNKK), post-market
- March 27: Mawson Infrastructure Group (MIGI), after market, -$10.40
- March 27: ZeroStack (ZSTK), post-market, -$1.97
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- 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 down 6.13% as of 16 ET Thursday at $66,329.42 (24 hours: -4.44%)
- ETH is down 8.13% to $1,987.25 (24h: -4.27%)
- CoinDesk 20 is down 3.34% to 1,909.22 (24 hours: -3.86%)
- Ether CESR Composite Staking Rate is unchanged at 2.74%
- BTC funding rate is at -0.0097% (-10.5930% annualized) on Binance
- DXY is up 0.10% at 100.00
- Gold futures are unchanged at $4,460.60
- Silver futures are unchanged at $68.82
- The Nikkei 225 closed up 0.43% at 53,373.07
- The Hang Seng closed up 0.38% at 24,951.88
- The FTSE is down 0.69% to 9,902.97
- The Euro Stoxx 50 is down 1.39% to 5,488.69
- The DJIA closed Thursday down 1.01% at 45,960.11
- The S&P 500 closed up 1.74% at 6,477.16
- The Nasdaq Composite closed up 2.38% at 21,408.08
- The S&P/TSX Composite closed up 1.53% at 31,887.52
- The S&P 40 Latin America closed up 0.44% at 3,481.68
- US 10-year Treasuries are up 9 bps 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 Index is down 0.48% at 46,009.00
Bitcoin statistics
- BTC Dominance: 58.49% (-0.61%)
- Ether to 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
- CME Futures open interest: 118,140 BTC
- BTC priced in gold: 15.1 oz.
- BTC vs Gold Market Cap: 4.44%
Technical Analysis
- The chart shows bitcoin’s daily price swings in candlestick format since last July.
- BTC has fallen to trendline support from the February 6 low, characterizing the price rally within the broader downtrend.
- Should support give way, we could see a deeper selloff that could test a decline in demand around February’s lows near $60,000.
- The latest pattern is similar to that seen through December and January, which ended up deepening the selloff.
Crypto stocks
- Coinbase Global (COIN): closed Thursday at $173.38 (–4.26%), -1.72% at $170.39 in premarket
- 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): closed 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
- Bullish (BLSH): closed at $36.44 (–2.64%), -0.93% at $36.10
Crypto Treasury 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% at $1.09
- Lite Strategy (LITS): closed at $1.16 (–3.33%)
ETF Flows
Spot BTC ETFs
- Daily net flows: -$171.3 million
- Cumulative net flows: $56.14 billion
- Total BTC holdings ~1.29m
Spot ETH ETFs
- Daily net flows: -$92.5 million
- Cumulative net flows: $11.6 billion
- Total ETH holding ~5.76 million
Source: Farside Investors
