**US Crackdown on Crypto: Stifling Innovation and Global Reserve Status**

According to experts in the industry, the United States’ crackdown on crypto could impede innovation and diminish the country's strength. Mati Greenspan, the chief of crypto research firm Quantum Economics, expressed that US regulators have been hostile to crypto right from the start. The recent legal warnings issued to crypto companies like Coinbase and Paxos suggest that further crackdowns may be imminent. Greenspan [cautioned](https://cointelegraph.com/news/surgical-removal-of-crypto-will-only-weaken-usd-dominance-commentators-say) that such efforts could reduce the global reserve status of the US dollar.

**Antagonistic Regulatory Environment: Driving Crypto Investment Abroad**

Adrian Przelozny, CEO of Australian crypto exchange Independent Reserve, stated that the action against Coinbase reflects an antagonistic environment for the crypto industry in the US. This situation may drive investment, jobs, and future innovation to other regions such as Singapore, Hong Kong, and Australia.

**The Silver Lining: Clearer Regulations for the Crypto Industry**

Przelozny's concern about the potential departure of crypto companies from the US is shared by Brett Quick, head of government affairs at Crypto Council for Innovation. Quick, however, [believes](https://www.coindesk.com/policy/2023/03/23/crypto-advocate-sees-silver-lining-for-the-industry-in-secs-warning-to-coinbase/) that these actions may lead to clearer regulations for the crypto industry. In fact, a bipartisan bill has been [introduced](https://bitcoinist.com/crypto-industry-receives-new-regulatory-bill/) by Congressman Tom Emmer and Darren Soto to provide greater clarity for the industry.

**Coinbase CEO vs SEC: A Clash of Perspectives**

On the other hand, Brian Armstrong, the CEO of Coinbase, has expressed his dissatisfaction with the SEC's handling of the matter. While other regulators have been cooperative, the SEC has been an "outlier," according to Armstrong.

The agency's recent investor alert on crypto risks appears to support his point, as it [states](https://blockworks.co/news/coinbase-happy-to-go-to-court-with-sec) that "investments in crypto asset securities can be exceptionally volatile and speculative." The CEO of the Crypto Council for Innovation, Sheila Warren, said that allowing such one agency to shape the trajectory of an entire innovation for the country is not acceptable, especially when that agency is unwilling to engage with the industry it is attempting to regulate.

Amidst the increased scrutiny from authorities, a recent [investigation](https://cryptonews.com/news/binance-employees-are-allegedly-helping-users-bypass-chinas-crypto-ban-heres-what-you-need-know.htm) by CNBC has further exacerbated the situation for the crypto community, in which it alleges that Binance staff have been aiding Chinese users to bypass the country's strict crypto regulations. Duke University professor and former FDIC chief innovation officer, Sultan Meghji, has raised concerns about the exchange's KYC and AML efforts, stressing the potential national security risks.

**Crypto Market Resilience Amidst Regulatory Pressure**

Surprisingly, despite the negative regulatory news, the cryptocurrency market has remained pretty resilient. The recent SEC warnings failed to deter Bitcoin's price from staying above $28,000 as the currency managed to prevent a further downward slide after the Fed’s interest rate hike announcement.

**Binance's Spot Trading Suspension: A Brief Impact on Bitcoin**

Later on, investors experienced a brief period of anxiety when Binance abruptly halted spot trading due to a "bug on a trailing stop order," as [explained](https://twitter.com/cz_binance/status/1639235255054860290?s=20) by CEO Changpeng Zhao. Within the first ten minutes of the announcement, Bitcoin briefly dropped below the $28,000 mark, losing $150 of its value. The market leader then returned to $28,100 before slightly losing $28,000 again, posting a -1.72% drop throughout the day.

**Bitcoin's Liquidity Crisis: Impact of Crypto-friendly Bank Shutdowns**

So far, Bitcoin's value has surged by 15% in one month and approximately 65% since the start of 2023. However, the shutdown of crypto-friendly banks such as Silvergate and Signature this month, which has reduced access to US dollar payment services for market makers, is leading to a deterioration in the liquidity of the US dollar to Bitcoin. According to Conor Ryder, a research analyst at the crypto data platform Kaiko, Bitcoin [liquidity](https://twitter.com/ConorRyder/status/1638949262703599617?s=20) hit a 10-month low in March. This suggests that the market may become increasingly volatile in times of low liquidity.

**Bitcoin's Liquidity Crisis: Impact of Crypto-friendly Bank Shutdowns**

According to analysts at [JPMorgan](https://www.coindesk.com/business/2023/03/24/us-banking-crisis-could-present-an-opportunity-for-some-crypto-exchanges-jpmorgan/), fintech payment companies and offshore banks are attempting to fill the void left by the collapse of three crypto-friendly banks in the US, and stablecoin trading volumes have spiked since the Silvergate fallout. This banking crisis could be an opportunity for some exchanges that offer banking services to crypto-native firms and investors, they wrote, while insisting on replacing the banking networks to allow fiat to be poured into the ecosystem easily.

**Bitcoin Bull Market: Increasing Short Positions Signal a Potential Correction**

Bitcoin can now be in a bull market, [according](https://ambcrypto.com/bitcoin-evaluating-the-current-market-conditions-in-the-wake-of-fud/) to CryptoQuant's cycle indicator, with an increasing number of short-term holders in profit. However, as the price rises, whales and miners are depositing their coins to exchanges as well, leading to the highest levels of inflow seen in 2023. The percentage of short positions taken against BTC on Binance increased from 30% to 53.7% over the last few weeks, suggesting that traders are betting on a correction.

**Ethereum and Monero: Market Movements Amidst Crypto Incidents**

As a result of the market situation, Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) dipped below the $1,800 mark along with Bitcoin's drop. Interestingly, today’s biggest winner in the top 25 cryptocurrencies has been Monero ([XMR](https://coin360.com/coin/monero-xmr)) due to the emerging story of "privacy" during recent crypto incidents.

**Arbitrum Airdrop: Stable Prices Despite High Token Circulation**

A lot of discussions have sparked around Arbitrum ([ARB](https://coin360.com/coin/arbitrum-arb)) since its airdrop yesterday. Some investors, who were waiting for a crash below $1 to start accumulating, may be disappointed today because the price has remained stable around $1.4, despite a large sell-off. This came as 78.13% of eligible addresses have already [claimed](https://dune.com/0xroll/arbitrum-airdrop) their ARB, meaning 79.04% of the airdropped tokens have been in circulation.

![Coin360 (2).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_2_86485bd8cb.png)

# Top altcoin gainers and losers

## Gainers:

[Arbitrum ARB](https://coin360.com/coin/arbitrum-arb) (+17.20%)

[Mask Network MASK](https://coin360.com/coin/mask-network-mask) (+15.00%)

[Mina MINA](https://coin360.com/coin/mina-mina) (+7.46%)

## Losers:

[Optimism OP](https://coin360.com/coin/optimism-op) (-7.41%)

[Conflux CFX](https://coin360.com/coin/conflux-cfx) (-6.85%)

[Render Token RNDR](https://coin360.com/coin/render-token-rndr) (-5.93%)

# NFT Market Map

![Screenshot_1.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_1_0c964ab98a.jpg)  

The NFT market is active today, with a majority of collections seeing an uptick in volume. [Bored Ape Yacht Club](https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d) (+49.27%), [Otherdeed](https://coin360.com/nft/0x34d85c9cdeb23fa97cb08333b511ac86e1c4e258) (+68.58%), and [MutantApeYachtClub](https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6) (+125.68%) climbed to the top in terms of volume traded.

[Nakamigos](https://coin360.com/nft/0xd774557b647330c91bf44cfeab205095f7e6c367) (+178.02%), a brand-new collection, saw its minters [spend](https://ultrasound.money/) over 14 ETH on gas fees, [surpassing](https://twitter.com/shillmastooor/status/1639253894340685824?s=20) Uniswap V3 at one point today.

# Coin360 Daily Digest

![Screenshot_3.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_3_658de16c66.jpg)  

Here's a rundown of the major crypto market news from today.

For more daily updates and news, follow us on [Twitter.](https://twitter.com/COIN360com)

_Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks._

news-markets.jpg

Bitcoin unaffected by regulatory attacks, slides below $28,000 following Binance’s trading suspension

As anticipated, the U.S. Federal Reserve increased rates by 25 basis points. Fed Chair Jerome Powell indicated that the ongoing rate hikes might “no longer” be [appropriate](https://cointelegraph.com/news/bitcoin-price-whipsaws-as-fed-says-rate-hikes-may-not-be-appropriate) to control inflation, potentially signaling a pause in the rate rise cycle. Despite this, the central bank reiterated its commitment to lowering inflation, predicting at least one more rate increase and ruling out any interest rate cuts for 2023.

  
 

Holger Zschaepitz, senior editor at the Economic and Financial desk of the German daily Die Welt, viewed the Fed's decision as somewhat dovish. Instead, market commentator Tedtalksmacro regarded Powell's focus on inflation as hawkish, prioritizing it over the banking crisis.

  
 

In the meantime, U.S. Treasury Secretary Janet Yellen confirmed that she has [no plans](https://www.reuters.com/markets/us/us-working-restore-capacity-designate-non-bank-finance-institutions-systemic-2023-03-22/) for a broad deposit insurance increase. This statement caused U.S. stocks to decline, as some traders believed such an action was an “irreversible accomplishment” that might play a role in preventing deposits from fleeing small or weaker banks.

  
 

Later on, the U.S. SEC announced that it had [charged](https://bitcoinist.com/sec-accuses-crypto-giant-justin-sun-of-securities-law-violation/) Justin Sun, a prominent crypto entrepreneur, as well as his companies Tron Foundation, BitTorrent, and Rainberry Inc. with conducting an unregistered sale of “crypto assets securities.” Sun and his companies allegedly incentivized celebrities to promote Tron and Bittorent without disclosing compensation, as per the authorities.

  
 

But the story about Sun and his trouble partly faded following the SEC's controversial Wells notice to Coinbase over [concerns](https://blockworks.co/news/sec-serves-coinbase-in-latest-alleged-crypto-securities-violation) about alleged “securities violations.” Coinbase responded to the notice by producing documents and providing witnesses, but its representatives said that the lack of clear regulatory guidelines has created confusion in the industry regarding compliance.

  
 

The crypto community is blown out by the SEC's enforcement actions without clear rules. Jake Chervinsky, Chief Policy Officer at Blockchain Association, expressed his disappointment regarding the Wells notice sent to Coinbase. This is due to the fact that the firm had devoted a “significant amount of time and resources” to obtain regulatory clarity from the SEC.

  
 

Other industry experts, such as crypto investor Scott Melker and Caitlin Long, founder and CEO of Custodia Bank, [share](https://bitcoinist.com/war-on-bitcoin-crypto-here-s-how-industry-will/) similar views. Long warns that the SEC's actions may drive legitimate crypto businesses out of the U.S. and fail to protect investors while questioning how the SEC allowed a company to IPO if it violated securities laws.

  
 

In light of growing concerns surrounding traditional finance, the crypto community is reportedly turning to Bitcoin as a means of protection. Luke Hoersten, the founder and CEO of Bitcoin derivatives exchange Bitnomial, [stated](https://www.coindesk.com/tech/2023/03/22/rapid-bank-runs-reveal-deposits-are-now-magic-internet-money-too/) that Bitcoin is now considered a secure store of value. This is due to people recognizing that investing in U.S. Treasury-backed cash deposits “can be risky.” 

  
 

Hoersten noted that traders are shifting their funds into Bitcoin and utilizing futures and options to guard against fluctuations in price. This trend may be responsible for the notional open interest in Bitcoin exceeding $20 billion on [Deribit](https://blockworks.co/news/deribit-bitcoin-options-open-interest-spikes) yesterday. Luuk Strijers, the exchange's chief commercial officer, suggested that Bitcoin is now functioning as a hedge for the traditional financial system, particularly the banking sector.

  
 

After the Fed's decision to hike rates, cryptocurrency prices experienced an initial rise, pushing Bitcoin up to $28,800, but quickly plummeted to $26,700 then. Earlier that day, on-chain analytics firm Glassnode [reported](https://twitter.com/glassnode/status/1638314606773805056) that short-term holders had realized roughly $292 million in profits, which could encourage them to sell.

  
 

Bitcoin (BTC)'s price has since recovered, with some remaining optimistic about its medium-term strength but analysts are closely monitoring its price movement in the coming days. According to FxPro markets analyst Alex Kuptsikevich, if Bitcoin breaks $28,500, it could [reach](https://www.coindesk.com/markets/2023/03/23/bitcoin-inches-toward-28k-as-traders-see-260m-in-futures-liquidations/) $30,000. However, he cautioned that a drop below $27,500 could nullify the bullish technical signal and lead to a correction.

  
 

CryptoQuant analyst BaroVirtual noted that there was a bearish crossover between the UTXO Age Bands of 6 million - 12 million and 12 million - 18 million, which typically indicates an early bullish signal. Nonetheless, he indicated that Bitcoin could [climb](https://cryptoquant.com/insights/quicktake/641a00228afc8c38c5646849-New-buyers-marked-the-bottom-of-BTC-in-November-2022-as-they-had-more-robust-dem) to $30,000-$33,000, or even $37,000-$40,000, before a substantial sell-off occurs.

  
 

At present, Ethereum (ETH) is experiencing a downward trend in comparison to Bitcoin, as indicated by the ETH/BTC pair recording a decline of -7.5% on a monthly basis and -6.66% on a weekly basis, hitting its [lowest point](https://www.tradingview.com/symbols/ETHBTC/) since July 2022 at 0.0637. Despite this, there is a possibility of a recovery as the three-day relative strength index (RSI) of the pair has fallen below 30, a level deemed "[oversold](https://cointelegraph.com/news/ethereum-faces-6-month-lows-versus-bitcoin-will-eth-price-rebound)" by technical analysts.

  
 

Significant volatility over the past 24 hours caused $309.89 million to be [liquidated](https://www.coinglass.com/LiquidationData) on futures markets. BTC led the trend with $136.66 million being wiped out, followed by ETH at $50.64 million. 

  
 

The most-anticipated event today may be the Arbitrum’s ARB airdrop. However, due to extremely high demand, the Arbitrum Foundation website - where users can claim their tokens - was down for a while. 

  
 

Meanwhile, due to Justin Sun’s trouble with regulators, the cryptocurrencies with ties to him experienced a sharp drop. Tron ([TRX](https://coin360.com/coin/tron-trx)) and Huobi Token ([HT](https://coin360.com/coin/huobi-token-ht)) both joined the biggest losers list among the top 100 assets today.

  
![Coin360.png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_f62d163b75.png)  
 

# Top altcoin gainers and losers

  
 

## Gainers:

  
 

[Fei USD FEI](https://coin360.com/coin/fei-usd-fei) (+36.83%)

[Litecoin LTC](https://coin360.com/coin/litecoin-ltc) (+12.10%)

[Dash DASH](https://coin360.com/coin/dash-dash) (+8.40%)

  
 

## Losers:

  
 

[Conflux CFX](https://coin360.com/coin/conflux-cfx) (-10.78%)

[Huobi Token HT](https://coin360.com/coin/huobi-token-ht) (-9.28%)

[TRON TRX](https://coin360.com/coin/tron-trx) (-8.76%)

  
  
 

# NFT Market Map

![Screenshot_7.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_7_88c14770da.jpg)  
 

[Bored Ape Yacht Club](https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d) (+264.96%) and [Otherdeed](https://coin360.com/nft/0x34d85c9cdeb23fa97cb08333b511ac86e1c4e258) (+34.76%) led the top NFT list by volume traded today, while [MG Land](https://coin360.com/nft/0xe75512aa3bec8f00434bbd6ad8b0a3fbff100ad6) (-71.71%) lost momentum and fell to the 7th rank.

  
 

[MAX PAIN AND FRENS BY XCOPY](https://coin360.com/nft/0xd1169e5349d1cb9941f3dcba135c8a4b9eacfdde) (+1,749.53%) ranked 5th since its floor price [spiked](https://degenknows.io/nft-profiler?address=0xd1169e5349d1cb9941f3dcba135c8a4b9eacfdde&collection_id=) from 0.8 to as much as 1.15 ETH in the past 24 hours.

  
  
 

# Coin360 Daily Digest

  
![Screenshot_1.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_1_771a35e923.jpg)

Here's a rundown of the major crypto market news from today.

  
 

For more daily updates and news, follow us on [Twitter.](https://twitter.com/COIN360com) 

  
 

_Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks._

Bitcoin recovers from post-FOMC losses while SEC continues with crypto crackdowns

The White House today released a 513-page annual report that triggered a backlash from the crypto community, with Fred Ehrsam, co-founder of digital asset investment firm Paradigm, [remarking](https://cointelegraph.com/news/crypto-fud-industry-outraged-as-white-house-report-slams-crypto) that 15% of it was dedicated to “crypto FUD.”

In the report, regulators highlighted digital assets as “highly volatile and subject to fraud,” and their design as often displaying “an ignorance of basic economic principles.” The writers [argued](https://bitcoinist.com/us-govt-attacks-bitcoin-report-promotes-a-cbdc/) that crypto assets have failed to provide any benefits that were claimed, while their costs have negatively impacted consumers, the financial system, and the environment. They also noted that many crypto assets have “no fundamental value.”

Bitcoin, the leading cryptocurrency, was mentioned 75 times in the report, with the writers stating that it doesn't fulfill two of the three characteristics of money and isn't as effective as the US dollar. In contrast, the report highlighted the possibility of introducing a digital form of money via Central Bank Digital Currency (CBDC). The news, along with [Sushi DAO](https://beincrypto.com/us-sec-sushi-dao-head-chef-jared-grey/)’s SEC subpoena, is unlikely to assuage the crypto community as they believe the industry is [becoming](https://forum.sushi.com/t/establish-sushi-legal-defense-fund/11813/2) a “major target” for U.S. authorities.

In a recent letter to the Public Company Accounting Oversight Board, prominent U.S. Senator Elizabeth Warren and her colleague Ron Wyden [discussed](https://www.coindesk.com/policy/2023/03/21/us-senates-warren-calls-for-crackdown-on-sham-crypto-audits/) the risks of “sham audits” related to cryptocurrency, particularly regarding “proof of reserve” agreements made by outside firms on behalf of auditors. Nic Carter, general partner at Castle Island Ventures, [criticized](https://twitter.com/nic__carter/status/1638309813485486080?s=20) the Senator’s arguments as she wrongly equates “Proof of Reserves” and “audit,” while trying to prevent banks/CPA firms from supporting the crypto space.

Meanwhile, Texas House of Representatives member Cody Harris has introduced a [Bitcoin mining bill](https://beincrypto.com/controversial-bitcoin-mining-bill-proposed-texas-lawmaker/) in the state that recognizes the right to mine the cryptocurrency there. Harris also called for support in protecting individuals who code or develop on the Bitcoin network.

Despite recent crackdowns and uncertainty, Oliver Linch, the CEO of Bittrex Global, [foresees](https://www.cryptoglobe.com/latest/2023/03/bittrex-global-ceo-every-big-bank-now-has-a-substantive-crypto-desk/) traditional finance giants embracing crypto to take advantage of the opportunities offered by the industry. According to Linch, institutional adoption of crypto won't impede progress but rather expedite innovation, given that numerous financial giants established crypto divisions during the bear market. Linch further emphasizes that more collaborations between these firms with genuine crypto players will catalyze significant changes.

The Federal Reserve's decision on interest rates is being watched closely, as the U.S. central bank weighs the potential impact of inflation concerns against financial stability. The general consensus is that there will be an increase of 25 basis points, although some analysts believe that the Fed may opt to leave rates unchanged due to recent bank failures. A CNBC survey [shows](https://www.cnbc.com/2023/03/21/the-market-is-convinced-fed-will-hike-but-not-that-its-wise-decision.html) mixed opinions among traders regarding Fed rate hikes, with only 52% indicating that they believe regulators should increase rates.

Since inflation is said to be trending downward and Bitcoin price remains strong during recent financial crashes, cryptocurrency trading platform BitMEX expects risk appetite to recover. However, BitMEX also [suggests](https://blog.bitmex.com/wp-content/uploads/2023/03/FINAL-Bitmex-2023-Scenarios-Paper-MAR-20_compressed.pdf) that if a Fed pivot doesn’t come, Bitcoin's price could fall back to earlier lows.

Popular trader Crypto Tony predicts sideways movements in the market until the FOMC and urges investors to be cautious. While Tony's target for a possible FOMC rally is $30,000, Michaël van de Poppe, founder and CEO of trading firm Eight, [focuses](https://cointelegraph.com/news/bitcoin-30k-bets-greet-fomc-as-analyst-warns-over-long-liquidations) on a target of $28,700. On the other hand, analyst Justin Bennett recommends a more conservative approach, saying a short squeeze may result in $30,000, but a sudden dive could have the opposite effect.

Blockchain analytics firm Glassnode seems to agree with Poppe as they [noted](https://twitter.com/glassnode/status/1637920786630561794?s=20) $28,700 as an important level to watch. Bitcoin's price has surpassed the $28,000 level, which is the cost basis of the whales from 12 March 2020. Although the other whale groups can create resistance to Bitcoin price, there's a possibility that the $28,700 cost basis of this whale cohort could also cause some difficulties for the asset.

In response to comments that institutions have become net sellers of Bitcoin in 2023, James Butterfill, CoinShares' head of research, [suggests](https://cointelegraph.com/news/bitcoin-holds-28k-due-to-spot-buying-but-institutional-investors-are-still-selling) that these flows may be due to the demand for liquidity during the recent banking crisis. On-chain analytics firm Santiment added that major whale sell-offs haven’t occurred during the current bullish trend. However, as the prices continue to rise, whale buyers may need to join the market to sustain the rally.

Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) continued with its sideways movement, trading above $28,000 during the day. Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)), nevertheless, saw a small drop along with some other major non-stablecoin cryptocurrencies such as Binance Coin ([BNB](https://coin360.com/coin/binance-coin-bnb)) and Lido stETH ([STETH](https://coin360.com/coin/lido-steth-steth)). Due to fundamental catalysts, Ripple ([XRP](https://coin360.com/coin/ripple-xrp)) and Cardano ([ADA](https://coin360.com/coin/cardano-ada)) have been shining as the top-performing assets among the 10 biggest cryptos today.

Despite the U.S. government's struggles to increase adoption of its CBDC, Nigeria and China have taken further steps toward its implementation. [Nigeria](https://www.coinspeaker.com/nigerians-adopt-cbdc-physical-cash/) is experiencing a rise in CBDC usage due to the scarcity of fiat money in the country. Meanwhile, in [China](https://cryptonews.com/news/chinese-employees-pay-social-insurance-fees-taxes-with-digital-yuan-cbdc-adoption-rise.htm)'s Lianyungang and other cities within the digital yuan pilot zone, citizens can now use the People's Bank of China's digital yuan app to pay for their social security and basic pension insurance fees.

![Coin360 (2).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_2_4c1a4d5c43.png)

# Top altcoin gainers and losers

## Gainers:

[Ripple XRP](https://coin360.com/coin/ripple-xrp) (+11.31%)

[Cardano ADA](https://coin360.com/coin/cardano-ada) (+7.09%)

[Algorand ALGO](https://coin360.com/coin/algorand-algo) (+6.57%)

## Losers:

[Conflux CFX](https://coin360.com/coin/conflux-cfx) (-9.10%)

[XDC Network XDC](https://coin360.com/coin/xdc-network-xdc) (-7.60%)

[Immutable X IMX](https://coin360.com/coin/immutable-x-imx) (-7.25%)

# NFT Market Map

![Screenshot_3.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_3_9b67e960f6.jpg)  

[Bamboo Color](https://coin360.com/nft/0xb5d2c3c5b6d3aa4dd406a36675ad77d5adb8dd9f) (+1,900.71%), a new NFT collection with an empty Twitter feed and not much additional information, suddenly joined other blue-chip projects on the trading volume leaderboard.

Coin360 spotted a 1,900.71% spike in the collection’s trading volume over the past 24 hours. Data from NFTGo [shows](https://nftgo.io/collection/bamboo-color/overview) that it has seen a 5x increase in sales, with its average price soaring by 142% to 8.63 ETH.

Yuga family, together with [MG Land](https://coin360.com/nft/0xe75512aa3bec8f00434bbd6ad8b0a3fbff100ad6) (-14.31%), came back to the top while [BLOCKLORDS BANNERS](https://coin360.com/nft/0x57dc3391c74c65d19454f860aff40a28ec1fd051) (+10.98%) and [Gods Unchained](https://coin360.com/nft/0xacb3c6a43d15b907e8433077b6d38ae40936fe2c) (-16.10%) pulled back from yesterday’s hype.

# Coin360 Daily Digest

![Screenshot_1.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_1_c8ffc95938.jpg)  

Here's a rundown of the major crypto market news from today.

For more daily updates and news, follow us on [Twitter.](https://twitter.com/COIN360com)

_Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks._

Bitcoin sustains pre-FOMC sideways as White House economic report attacks crypto

The crypto market sentiment is currently at its most positive in nearly 16 months, with the [Crypto Fear and Greed Index](https://alternative.me/crypto/fear-and-greed-index/) reaching its highest level this year at 68, surpassing the levels seen during Bitcoin's all-time high in November 2021. A recent analysis by crypto services provider Matrixport [suggests](https://www.coindesk.com/markets/2023/03/21/bitcoins-price-rally-is-driven-by-americans-matrixport/) that Americans are leading the way in buying Bitcoin as a safe haven asset. In specific, Bitcoin has rallied by 44% since March 10, with 31% of the rally being driven during the U.S. trading hours.

Blockchain.com, a cryptocurrency financial services company, [reported](https://cointelegraph.com/news/holding-bitcoin-a-profitable-affair-88-5-of-the-days) that out of the 4,593 days of Bitcoin's existence, BTC holders have enjoyed 4,065 profitable days. This means that long-term holders have experienced an impressive 88.50% of in-the-money days relative to the current market price at the time of writing.

Despite the bullish sentiment, Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) was unable to sustain its upward momentum after reaching $28,319 yesterday. It has been trading within a narrow range of $27,398 and $28,222 over the past 24 hours leading up to the Federal Reserve's interest rate announcement on March 22. High-profile billionaires like Elon Musk and Bill Ackman are [calling](https://cryptopotato.com/elon-musk-bill-ackman-urge-the-fed-to-cease-hiking-the-interest-rates/) for a change in the Fed's monetary strategy, with some advocating for a rate reduction of up to 50 basis points.

Recent days have seen a significant shift in interest rate expectations, with fluctuations occurring almost hourly. According to the [CME FedWatch tool](https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html), the probability of a pause is currently at 18%, while the probability of a 25 basis point increase is at 82%.

Glassnode's on-chain analysis firm co-founders, Yann Allemann and Jan Happel, believe that the market has already priced in a 25 basis point rate hike and therefore should not react too dramatically if the Fed proceeds with the increase. If regulators decide to pause, the analysts anticipate "a strong upside move."

On the other hand, Allemann and Happel note that "implied and realized volatility have increased and TradFi is showing signs of caution." They observe that strong buy and sell walls have formed around the $25,500 and $30,000 levels, respectively. Both analysts [expect](https://swissblock.substack.com/p/first-fomc-then-btc-finally-alts) a decline in trading volume and a slowdown in Bitcoin's price action leading up to the meeting.

Meanwhile, Kaiko, an institutional cryptocurrency market data provider, [reported](https://blog.kaiko.com/trade-volume-soars-as-btc-crosses-28-4ea2d581f574) that crypto trading volumes reached a four-month high, which is the highest level since the FTX crash. This surge could be attributed to the recent interest in Bitcoin. However, liquidity remains thin, with a 2% market depth for BTC-USD and BTC-USDT pairs reaching 10-month lows. These findings suggest that more volatility could be on the horizon as market participants can have a greater impact on the market with the same volume they previously used when there was more liquidity available.

Altcoins experienced some upside, with Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) trading slightly above its open price today along with other non-stablecoin cryptocurrencies in the top 10. In his research, Coinbase director Conor Grogan found out that 636,000 ETH ($1.15 billion), or 0.5% of the coin's circulating supply, has been [lost forever](https://www.theblock.co/post/221453/over-1-billion-of-ether-lost-forever-bugs-human-error) due to bugs and human error.

Ripple ([XRP](https://coin360.com/coin/ripple-xrp)) is the best performer among the top 20 cryptocurrencies, which managed to gain 7.96% over the past 24 hours. The rise could be linked to Ripple Labs’ Letter of Supplemental Authority submission to [reinforce](https://bitcoinist.com/ripple-bolsters-case-new-filing-ruling-end-april/) their defense of fair notice. Whereas Solana ([SOL](https://coin360.com/coin/solana-sol)) and Polkadot ([DOT](https://coin360.com/coin/polkadot-dot)) became today’s biggest losers in this as they fell by -2.20% and -1.39%, respectively.

In macroeconomics news, U.S. equities saw some relief as concerns over a potential banking sector crisis eased after authorities took control of takeovers of Signature Bank and Credit Suisse. This came as U.S. officials reportedly [explore](https://cointelegraph.com/news/us-exploring-ways-to-guarantee-the-country-s-18t-of-bank-deposits-report) ways to broaden the current scope of deposit insurance to cover all U.S. bank deposits should the banking crisis worsen.

Several organizations, including the Mid-Size Bank Coalition of America, urged for the lifting of the $250,000 deposit insurance cap for the next two years on March 18, arguing that it was necessary to safeguard depositors and prevent capital from being redirected from smaller banks to supposedly safer, larger ones. However, Bloomberg's sources indicate that U.S. authorities currently do not consider such a drastic measure to be necessary.

Meanwhile, Florida Governor Ron DeSantis proposed a ban on the use of central bank digital currency (CBDC) as money in his state's commercial code and is [encouraging](https://dailyhodl.com/2023/03/20/florida-governor-moves-to-ban-cbdcs-calls-for-coalition-of-states-to-follow-suit/) other states to follow suit. "Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security," he said. Prior to the statement, DeSantis had reportedly taken a more [favorable stance](https://www.theblock.co/post/221281/desantis-touts-bill-that-would-ban-use-of-cbdcs-in-florida) towards decentralized tokens such as Bitcoin and had indicated that he was exploring ways for Floridians to pay taxes using cryptocurrency.

![Coin360 (3).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_3_cf9bab80b6.png)  

# Top altcoin gainers and losers

## Gainers:

[XDC Network XDC](https://coin360.com/coin/xdc-network-xdc) (+21.99%)

[Ripple XRP](https://coin360.com/coin/ripple-xrp) (+10.23%)

[Gemini Dollar GUSD](https://coin360.com/coin/gemini-dollar-gusd) (+7.60%)

## Losers:

[Immutable X IMX](https://coin360.com/coin/immutable-x-imx) (-6.30%)

[BitTorrent New BTT](https://coin360.com/coin/bittorrent-new-btt) (-5.63%)

[MultiverseX EGLD](https://coin360.com/coin/elrond-egld) (-4.86%)

# NFT Market Map

![Screenshot_4.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_4_9bb9342b31.jpg)  

Most NFT collections saw a drop in trading volume today. [Wrapped Cryptopunks](https://coin360.com/nft/0xb7f7f6c52f2e2fdb1963eab30438024864c313f6) is still the leader in volume traded, but the growth has declined by -65.70%.

In the meantime, [Gods Unchained](https://coin360.com/nft/0xacb3c6a43d15b907e8433077b6d38ae40936fe2c) (+662.72%) and [BLOCKLORDS BANNERS](https://coin360.com/nft/0x57dc3391c74c65d19454f860aff40a28ec1fd051) (+692.87%) appear to gain more traction following the Immutable x Polygon partnership. Both collections entered the top 10 projects by trading volume today.

# Coin360 Daily Digest

Here's a rundown of the major crypto market news from today.

![Screenshot_1.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_1_765458fd08.jpg)  

For more daily updates and news, follow us on [Twitter.](https://twitter.com/COIN360com)

_Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks._

Bitcoin wavers at $28,000 as Crypto Fear and Greed Index reaches 16-month high

On March 19, UBS Group reportedly agreed to [purchase](https://cointelegraph.com/news/ubs-group-doubles-offer-and-acquires-credit-suisse-for-2b) Credit Suisse for $3.25 billion to prevent financial market instability. Although it was a significant discount from Credit Suisse's market capitalization of $8 billion on March 17, it has helped drive the spike in assets like gold and Bitcoin as investors were afraid of traditional financial failures. On Monday, Gold prices even [reached](https://www.tradingview.com/symbols/XAUUSD/) $1,988, just below their strongest levels in 11 months.

The Federal Reserve [increased](https://www.coindesk.com/markets/2023/03/20/fed-ecb-and-others-take-coordinated-steps-to-boost-dollar-liquidity-bitcoin-tops-28k/) the frequency of the dollar swap lines with central banks from weekly to daily, which aimed to calm exchange rate volatility and prevent strains in the supply of credit. The increase in swap lines cleared the way for an unabated rise in risk assets because they stopped the worldwide “dash-for-cash” scenario, where investors sell everything, including Bitcoin and other risk assets, for cash.

In the meantime, Signature Bank's deposits and loans were sold to Flagstar Bank, but surprisingly, approximately $4.5 billion in crypto-related deposits were not included. Just last week, Reuters released a report citing two sources that claimed any purchaser of Signature would need to dispose of their cryptocurrency operations as part of a potential recovery strategy. Despite an FDIC representative's initial denial of these allegations, their recent movement suggests otherwise, [according](https://cointelegraph.com/news/signature-bank-deposits-branches-sold-to-flagstar-crypto-not-included) to Nic Carter, a partner at Castle Island Ventures.

Amid the confusion, U.S. crypto firms seem to be seeking financial partnerships in other countries, with more crypto-focused [banks](https://cryptopotato.com/crypto-firms-are-retreating-to-swiss-banks-after-industry-meltdown/) in Switzerland reporting higher traffic. Early indicators also suggest that the euro could benefit greatly from the discontinuation of U.S. crypto banking services, as demonstrated by the surge in trading volumes for the BTC-EUR pair during the Silvergate crisis. In fact, the [market share](https://www.coindesk.com/consensus-magazine/2023/03/19/us-banking-cutoff-presents-opportunities-for-crypto-in-europe/) of BTC-EUR versus BTC-USD reached an all-time high last week, climbing from 7% in November to 21% of BTC volumes.

Coinbase [suggests](https://www.coindesk.com/markets/2023/03/20/cryptocurrency-outlook-is-strengthened-by-us-banking-turmoil-coinbase/) that the recent banking issues in the U.S. have reinforced the medium to long-term outlook for the cryptocurrency market, indicating a positive trend. According to their report, digital assets are a viable alternative to the existing financial system, and they provide a practical solution to address the system's inherent weaknesses and shortcomings.

While the U.S. and Eurozone are still waiting for the dust to settle, Hong Kong has taken a step further to crypto and Web3 adoption. Proposed regulations in the city may soon allow retail trading of digital assets, which has resulted in a surge of inquiries from Chinese business owners. The possibility of retail trading being permitted on Hong Kong's two licensed exchanges, HashKey and OSL, has piqued the interest of Chinese companies and banks.

Since October, over 80 [virtual asset companies](https://cointelegraph.com/news/over-80-crypto-firms-eyeing-presence-in-hong-kong-financial-secretary) from mainland China and foreign nations have expressed interest in establishing in the city, and 23 have indicated actual plans to do so. As a result of the growing opportunities, Paris-based cryptocurrency market data provider Kaiko is among the crypto companies planning to [move](https://forkast.news/headlines/crypto-data-provider-kaiko-hong-kong/) its Asian headquarters to Hong Kong.

Hong Kong's Secretary for Financial Services and the Treasury, Christian Hui, stated that the city is “well-positioned” to be a leading hub for Web3, and it has allocated $50 million in the budget to “expedite the Web3 ecosystem.” With this in mind, Hong Kong can act as a "test bed" for [mainland China](https://beincrypto.com/hong-kong-crypto-rules-incoming-mainland-china-tabs-region/) to build its own Web3 space, according to crypto lawyer Joshua Chu.

Taiwan is also making strides in the industry by establishing special legislation to regulate cryptocurrency, and its Financial Supervisory Commission will be in charge. Wayne Huang, co-founder and CEO of blockchain-enabled financial institution XREX, [showed](https://www.coindesk.com/policy/2023/03/20/taiwans-crypto-industry-welcomes-regulatory-announcement/) his support for the news, stating that regulation is crucial for the growth of the industry.

Goldman Sachs has [noted](https://u.today/goldman-highlights-bitcoin-as-best-performing-asset) that Bitcoin is the best-performing asset year-to-date. Its 51% YTD return has [outperformed](https://www.coinspeaker.com/goldman-sachs-bitcoin-best-performing/) sectors of information technology by 16% and communication services by 15%, outpaced consumer discretionary by 11%, and left behind Russell 1000 Growth (10%), gold (4%), and the S&P 500 (4%).

While Capriole CEO Charles Edwards, Messari CEO Ryan Selkis, and SkyBridge Capital founder Anthony Scaramucci believe in an upward trend of Bitcoin that can send it to as high as $100,000 within the next few years, some market commentators remain [skeptical](https://cointelegraph.com/news/will-the-fed-stop-rate-hikes-5-things-to-know-in-bitcoin-this-week). For instance, Matthew Sigel, head of digital assets research at VanEck, still expects Bitcoin to drop to $12,000 due to higher energy prices.

The macro event of the week is the Fed’s decision on interest rate hikes on March 22. “Currently, markets are pricing in a 62% chance of a 25 bps rate hike. However, markets also see 100 bps of rate cuts by December,” The Kobeissi Letter, a financial analysis resource, [wrote](https://twitter.com/KobeissiLetter/status/1637571091920048132) in an analysis for long-term rate hikes.

According to crypto data provider CoinGlass, the nominal value of [Bitcoin open interest](https://www.coinglass.com/BitcoinOpenInterest) reached its yearly high of $12.261 billion on March 20, surpassing the old peak of $12.185 billion set on February 21, indicating new money is flowing into the market. The money seems to be betting on price gains with positive funding rates dominating the Coinglass dashboard at the time of writing.

Despite the positive outlook, investors should remain vigilant as mining costs for Bitcoin have increased at a faster rate than its price over the past month. MacroMicro, an economic data analysis platform, reported that mining costs per block peaked at $33,000 in the 30 days leading up to March 20, while BTC prices only reached $28,500, resulting in losses for miners.

According to the In/Out of Money at Price (IOMAP) data on [IntoTheBlock](https://beincrypto.com/why-bitcoin-price-may-enter-bearish-trend/), Bitcoin's downward movement could find support at $27,000, where 307,000 addresses purchased 346,000 units of BTC. To refute the bearish outlook, Bitcoin's price would need to climb above the $29,500 level, where 345,000 addresses previously purchased 130,000 BTC.

As per the weekly report from digital asset investment and trading group Coinshares, digital asset investment products experienced [outflows](https://blog.coinshares.com/volume-123-digital-asset-fund-flows-weekly-report-9444c8a34d88?source=collection_home---4------0-----------------------) for six consecutive weeks, totaling $95 million. Bitcoin alone saw [outflows](https://twitter.com/CoinSharesCo/status/1637793637680521220?s=20) in investment products totaling $113 million last week, while short-Bitcoin products recorded an inflow of $35 million.

The rapid increase in the price of Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) was unexpectedly halted on Saturday, following the [transfer](https://whale-alert.io/transaction/ethereum/0xf22217ed2a3aa73ca74f9a2ecd068310eea933009dc0853d2f91a7605c87f0c5) of 18,657 ETH worth $33 million by a whale to Binance exchange. As a result, the value of the cryptocurrency dropped to $1,759 before recovering to $1,800 on Sunday. However, today it appears that ETH is continuing its downward trend, currently trading at a discount of -1% with a value of $1,745.

![Coin360 (1).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_1_7327aa83d2.png)

# Top altcoin gainers and losers

## Gainers:

[Conflux CFX](https://coin360.com/coin/conflux-cfx) (+13.24%)

[Solana SOL](https://coin360.com/coin/solana-sol) (+8.33%)

[Stacks STX](https://coin360.com/coin/stacks-stx) (+8.23%)

## Losers:

[FTX Token FTT](https://coin360.com/coin/ftx-token-ftt) (-6.46%)

[Gemini Dollar GUSD](https://coin360.com/coin/gemini-dollar-gusd) (-6.23%)

[Kava KAVA](https://coin360.com/coin/kava-kava) (-4.74%)

# NFT Market Map

![Coin360 (2).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_2_85b6acdd22.png)  

4 out of the top 5 NFT collections saw a drop in trading volume growth today, except [Bored Ape Yacht Club](https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d) (+47.31%).

However, this blue-chip project ranked behind smaller collections, including [Wrapped Cryptopunks](https://coin360.com/nft/0xb7f7f6c52f2e2fdb1963eab30438024864c313f6) (-25.92%), [MG Land](https://coin360.com/nft/0xe75512aa3bec8f00434bbd6ad8b0a3fbff100ad6) (-31.86%), and [MetaZellys ETH](https://coin360.com/nft/0x6ca10bc06de5af062cfd1dedde85b46ef43ec8d3) (0.00%), when it comes to the volume traded in dollar terms.

[Azuki](https://coin360.com/nft/0xed5af388653567af2f388e6224dc7c4b3241c544) (+210.22%) marked a pretty huge increase in trading volume while the number of whales holding the NFTs slightly fell by -1.54% in the past 24 hours, according to data from [NFTGo](https://nftgo.io/collection/azuki/overview).

# Coin360 Daily Digest

![Screenshot_1.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_1_e3ce2fe60e.jpg) Here's a rundown of the major crypto market news from today.

For more daily updates and news, follow us on [Twitter.](https://twitter.com/COIN360com)

_Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks._

Bitcoin manages to hold $28,000 amid the West’s banking turmoil and the East’s growing adoption 

Today, all attention is focused on the Federal Reserve's infusion of nearly $300 billion in liquidity, which crypto Twitter called a new form of [quantitative easing](https://twitter.com/GertvanLagen/status/1636489078760677382) (QE). The simultaneous collapse of Silicon Valley Bank and Signature Bank has prompted the Fed to provide an emergency $297 billion, resulting in an increase in its balance sheet for the first time since it began raising interest rates.

This borrowing, which has reached a new high of $150 billion, has surpassed even the 2008 global financial crisis. Peter Schiff, a notable economic forecaster and investment advisor who is well-known for his support for gold, believes that [bank bailouts](https://cointelegraph.com/news/why-is-the-crypto-market-up-today) will result in higher inflation, rendering interest rate hikes irrelevant.

However, some observers claim that the Fed's recent expansion of its balance sheet is not as stimulative as the one seen following the 2020 crash induced by the coronavirus. "QE is an increase in the balance sheet for monetary purposes. This is about financial stability, and all expansion of the balance sheet is not QE," [said](https://www.coindesk.com/markets/2023/03/17/feds-balance-sheet-swells-by-nearly-297b-but-its-not-qe/) Marc Chandler, chief market strategist at Bannockburn Global Forex and author of "Making Sense of the Dollar."

Andy Constan, CEO of Damped Spring Advisors, [expressed](https://twitter.com/dampedspring/status/1636477045973700610) a similar view in a Twitter thread, stating that the increase in the balance sheet is a temporary response to the runs on several weak banks, implying that record bank borrowing indicates a fear of rapidly drying up liquidity, which could threaten the stability of the banking sector.

Despite these comments, investors became more willing to take risks and traditional stocks strengthened. The $30 billion lifeline secured by First Republic Bank and the loan received by Credit Suisse from the Swiss central bank may have [contributed](https://forkast.news/headlines/markets-bitcoin-ether-rise-relief-investors-major-banks-liquidity-lifeline/) to a brighter outlook.

Due to the recent rescues, QCP Capital believes that the Federal Reserve is more [likely](https://www.coindesk.com/markets/2023/03/16/bitcoin-holds-steady-above-25k-as-euro-banking-crisis-eases/) to increase interest rates by 25 bps, as pausing could lead to confusion regarding the message on inflation.

Amid stresses across the banking sector leading to a decline in liquidity in the U.S. Treasury market, stablecoin issuers claim that they don’t have to worry. According to Conor Ryder, a research analyst at market data provider Kaiko, Circle has demonstrated good liquidity [risk management](https://blockworks.co/news/treasury-markets-stablecoins-liquidity) by keeping the majority of its reserves in short-term securities that could be sold with minimal loss. Tether and MakerDAO, two other major stablecoin issuers, also assert that they have a liquid portfolio that can meet redemption demands if necessary.

According to a report from Matrixport, Bitcoin is benefiting from three factors: instability in the financial system, decreasing inflation which allows for a less hawkish Federal Reserve, and regulatory issues impacting stablecoins. Markus Thielen, Matrixport’s head of research, suggests that as these trends persist, Bitcoin prices can remain high and continue to rally. The report also notes a "[flight to quality](https://www.coindesk.com/markets/2023/03/17/bitcoin-is-benefiting-from-cryptos-flight-to-quality-matrixport/)" that has driven the surge in Bitcoin prices, as investors sell higher-risk investments and move towards safer assets.

The rescue of Silicon Valley Bank was advantageous for Bitcoin enthusiasts. Another possible bullish catalyst is the Federal Deposit Insurance Corporation (FDIC)’s [denial](https://www.coindesk.com/policy/2023/03/17/fdic-denies-report-signature-bank-purchaser-must-divest-crypto/) of Reuters’ report that says Signature Bank's purchasers are required to sell their crypto assets. While FDIC’s speech of "purchasers of Signature Bank" indicates the bank possibly will continue to operate, the claim also suggests that they don’t intend to “isolate” crypto, at least for now.

Amid the fears of the banking contagion spreading and decreased confidence in financial institutions, the total crypto market cap has received an influx of $128 billion over the past seven days, representing a 13% increase. According to Clara Medalie, Kaiko's Director of Research, the recent uptick in crypto prices is due to [low liquidity](https://www.coindesk.com/markets/2023/03/17/first-mover-asia-asia-pushes-bitcoin-past-25k/) in the market and high buying pressure.

All happened as Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) gained 30% since March 10 and has been challenging the weekly highs, which also marked its best performance since June 2022. The coin's massive 8% surge today, which saw it almost reach $26,900 before briefly going back to around $26,438, raised hope for a straight upside to $28,000.

“(...) if we finish with a weekly close above the $25,000 then I would have to adjust my model regime to bullish as that would signal we have completed a bottoming process which started in mid-2022 and a new bull cycle is underway,” [stated](https://forkast.news/weekly-market-wrap-bitcoin-rises-above-us26000-store-of-value-narrative-strengthens-bank-failures/) Jamie Douglas Coutts, senior market structure analyst at Bloomberg Intelligence.

Although Bitcoin was not affected by yesterday’s U.S. Initial Jobless Claims, which showed the jobs market remains overheated, investors should remain cautious. Oil prices have [fallen](https://cointelegraph.com/news/bitcoin-bears-could-face-440m-loss-in-friday-s-options-expiry%20oil) 10% between March 9 and 15, reaching their lowest levels in over a year, due to concerns about a banking-sector confidence crisis causing a recession and reducing oil demand. If the fear of contagion spreads to other markets, Bitcoin's upward trend may face difficulties.

Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) surpassed $1,700 when core developers announced that the highly-anticipated Shanghai-Capella [upgrade](https://www.theblock.co/post/220582/ethereums-next-big-upgrade-shapella-expected-to-hit-mainnet-on-april-12) on the mainnet is set to go live on April 12.

![Screenshot_2.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_2_62f9736a46.jpg)

# Top altcoin gainers and losers

## Gainers:

[Immutable X IMX](https://coin360.com/coin/immutable-x-imx) (+36.27%)

[Mina MINA](https://coin360.com/coin/mina-mina) (+19.11%)

[Conflux CFX](https://coin360.com/coin/conflux-cfx) (+19.02%)

## Losers:

[Binance USD BUSD](https://coin360.com/coin/binance-usd-busd) (-4.50%)

[Dai DAI](https://coin360.com/coin/dai-dai) (-3.12%)

[Gemini Dollar GUSD](https://coin360.com/coin/gemini-dollar-gusd) (-1.31%)

# NFT Market Map

![Screenshot_11.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_11_7de6b031ea.jpg)

[Wrapped Cryptopunks](https://coin360.com/nft/0xb7f7f6c52f2e2fdb1963eab30438024864c313f6) (+78.43%) emerged as the top collection by 24h volume traded while the number of whales holding the NFTs [increased](https://nftgo.io/collection/wrapped-cryptopunks/overview) by 25% over the past week.

[HV-MTL](https://coin360.com/nft/0x4b15a9c28034dc83db40cd810001427d3bd7163d), after a good start yesterday, marked a -75.23% decline in trading volume as the minting has been over.

[Doodles](https://coin360.com/nft/0x8a90cab2b38dba80c64b7734e58ee1db38b8992e) (+24.41%) saw its floor price drop by 3% following the founder’s controversial claim that it is “[no longer](https://decrypt.co/123782/doodles-no-longer-nft-project-speculators) an NFT project.”

# Coin360 Daily Digest

Here's a rundown of the major crypto market news from today.

![Screenshot_14.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_14_bad3a92816.jpg)

For more daily updates and news, follow us on [Twitter](https://twitter.com/COIN360com).

_Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks._

Bitcoin breaks $26,000 following Fed’s $300 billion balance sheet addition in wake of SVB collapse

In February 2023, the U.S. PPI fell by 0.1% MoM, which was lower than analysts’ expectation of  0.3%. Some analysts viewed this number as a sign that the Fed could increase interest rates by 25 bps rather than 50 bps at its next meeting next week. Hedge fund manager James Lavish of Bitcoin Opportunity Fund [said](https://beincrypto.com/ppi-numbers-fall-lowe-reacts-negatively-btc-25000/) that investors believe the Fed has removed a 50 bps hike from consideration, and at worst, there will be a 25 bps hike, and possibly no more hikes at all.

However, the newly released Initial Jobless Claims seem to be [against](https://www.livemint.com/economy/us-jobless-claims-drop-by-most-since-july-led-by-new-york-11678974145603.html) the bullish momentum built on the previous two reports. Specifically, the numbers came out at 192,000, lower than the forecast of 205,000 and last week’s data of 212,000, signaling a strong labor market. Later on, the ECB's [interest rate hike](https://www.reuters.com/markets/europe/ecb-rate-hike-plans-clouded-by-financial-turmoil-2023-03-15/) came in at 50 bps, which means no “pivot” from the Eurozone.

Earlier today, to prevent the banking crisis from worsening, the Swiss government confirmed its collaboration with Credit Suisse to stabilize the bank and reassure the public that the financial system's systemic risk will be contained. There have been rumors that Switzerland's central bank would [inject](https://cointelegraph.com/news/bitcoin-returns-to-25k-as-credit-suisse-bailout-precedes-eu-rate-hike-move) $50 billion Swiss francs ($53.8 billion) into the embattled Credit Suisse, causing its shares to rise by 40% today.

According to Michael Novogratz, CEO of digital asset and blockchain firm Galaxy Digital, we may face a [credit crunch](https://cointelegraph.com/news/us-credit-crunch-means-it-s-time-to-buy-gold-and-bitcoin-novogratz) in the U.S. and globally. In this case, gold, silver, and Bitcoin could help save investors from a potential liquidity crisis when banks "typically rebuild capital" by lending less. However, some analysts prefer to remain cautious and believe that the Bank Term Funding Program (BTFP) can make it easier for the Fed to [raise](https://www.coindesk.com/consensus-magazine/2023/03/15/dont-get-your-hopes-up-svbs-demise-wont-bring-interest-rates-down/) interest rates further while preventing harm to banks.

Crypto firms may have to turn to “shadow banks” or find other banks willing to work with them following the collapse of Signature and Silvergate banks, as well as FDIC’s effort to prevent [Signature buyers](https://cointelegraph.com/news/fdic-asked-signature-buyers-to-stop-all-crypto-business-report) from joining hands with companies in the industry, according to software engineer Molly White. She is concerned that crypto companies may have to resort to "[shadier](https://cointelegraph.com/news/crypto-firms-may-turn-to-shadow-banks-following-major-collapses-molly-white)" solutions while the industry still needs access to traditional finance and U.S. banking rails.

Data from Coin360 shows that [Bitcoin dominance](https://coin360.com/charts) has returned to its nine-month high at 43% after two turbulent weeks in the crypto market. FundStrat Research notes that an upside in Bitcoin dominance is generally seen as [healthy](https://www.coindesk.com/markets/2023/03/15/bitcoin-dominance-reaches-9-month-high/) for the crypto market since it signals relatively low froth in the market, with crypto traders choosing to buy Bitcoin over more speculative altcoins.

In the meantime, investment bank Morgan Stanley appears to have a different perspective. Their recent [report](https://www.coindesk.com/markets/2023/03/15/bitcoin-isnt-trading-as-a-currency-but-as-a-speculative-asset-morgan-stanley/) insists that Bitcoin should be a means for people to hold value in private wallets without intermediaries. However, Bitcoin's price is supported by USD bank liquidity, causing it to trade as a speculative asset rather than a currency.

Despite support from macroeconomic factors yesterday, Bitcoin encountered resistance at $25,000. Meanwhile, the DXY reached 105 for the first time since the Silicon Valley Bank implosion on March 1. Markets commentator Tedtalksmacro [attributed](https://cointelegraph.com/news/bitcoin-rejects-at-25k-as-us-ppi-data-meets-credit-suisse-meltdown) this to lower euro bond yields, leading to a decrease in the EUR price, which fueled the DXY's surge as it measures the USD's strength against a basket of major trading partner currencies.

Bitcoin reserves on exchanges are seeing a continued uptrend, according to findings from CryptoQuant's analyst [caueconomy](https://cryptoquant.com/insights/quicktake/6411d9ee4c6a0d03247c11d9-Bitcoin-reserves-on-exchanges-continue-to-increase-except-on-Coinbase). He noted that the increase of Bitcoin on exchanges could lead to a sell-off. Coinbase is the only exchange that saw a net amount of withdrawals over the past few days, which could be linked to the buying power from U.S. customers.

Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) saw a minor drop to $24,700 following macro data, but it was quick to recover from losses. At the time of writing, the coin is recording a 1.27% increase over the past 24 hours. [BlockchainCenter.net](https://www.blockchaincenter.net/altcoin-season-index/), a blockchain and crypto analytics platform, indicates that the Bitcoin season has come since only 13 out of 50 top cryptocurrencies performed better than Bitcoin over the past three months.

When the contagion spreads from the banking sector, risk-on assets may suffer losses in the short term. In spite of that, Edward Moya, senior market analyst at foreign exchange market maker Oanda, [said](https://www.coindesk.com/markets/2023/03/15/bitcoin-slides-below-245k-as-european-banking-woes-spook-investors/) that Credit Suisse is a bigger story than Silicon Valley Bank and Wall Street is “extremely nervous.” He added that despite Bitcoin's decline, it is not significant compared to the pressure facing stocks, oil prices, and the euro. Earlier today, [oil prices](https://www.trustnodes.com/2023/03/15/oil-plunges-below-70) reached their lowest level since 2021, with WTI crude oil dropping to $66 and Europe's Brent crude diving to $73.

Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) appears to be lagging behind Bitcoin as ETH/BTC dropped to 0.0067, a level not seen since mid-October 2022, while it recorded a 1.11% increase in price throughout the day.

![Coin360 (5).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_5_26e1b284f9.png)  

# Top altcoin gainers and losers

## Gainers:

[THORChain RUNE](https://coin360.com/coin/thorchain-rune) (+45.71%)

[GMX GMX](https://coin360.com/coin/gmx-gmx) (+6.34%)

[SingularityNET AGIX](https://coin360.com/coin/singularitynet-agix) (+5.89%)

## Losers:

[The Sandbox SAND](https://coin360.com/coin/the-sandbox-sand) (-9.77%)

[PAX Gold PAXG](https://coin360.com/coin/pax-gold-paxg) (-9.75%)

[Maker MKR](https://coin360.com/coin/maker-mkr) (-9.16%)

# NFT Market Map

![Coin360 (3).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_3_d53d61df6d.png)  

[HV-MTL](https://coin360.com/nft/0x4b15a9c28034dc83db40cd810001427d3bd7163d), Yuga Labs’ new NFT collection in the next stage of its Dookey Dash racing game, topped the leaderboard by trading volume today. [BoredApeKennelClub](https://coin360.com/nft/0xba30e5f9bb24caa003e9f2f0497ad287fdf95623) (+209.29%) and [SewerPass](https://coin360.com/nft/0x764aeebcf425d56800ef2c84f2578689415a2daa) (+60.23%) posted significant gains in volume as participants rushed to join the summoning.

Yuga family collections, including [MutantApeYachtClub](https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6) (-22.66%) and [Otherdeed](https://coin360.com/nft/0x34d85c9cdeb23fa97cb08333b511ac86e1c4e258) (+5.19%), account for 5 out of the top 10 collections by volume traded due to the hype.

# Coin360 Daily Digest

Here's a rundown of the major crypto market news from today.

![Screenshot_7.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_7_18657800c0.jpg)

For more daily updates and news, follow us on [Twitter](https://twitter.com/COIN360com).

_Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks._

Bitcoin dominance reaches nine-month high amid macro headwinds 

The outlook for the banking system appears to have worsened following news of [Credit Suisse](https://www.reuters.com/business/finance/credit-suisse-shares-drop-fresh-record-low-cds-widen-2023-03-15/)'s customer outflows in Q4 of 2022, which rose to over 110 billion Swiss francs ($120 billion). Despite claimed efforts from Switzerland's second-biggest bank, the outflows have not yet been stemmed.

The situation became even more challenging when Saudi National Bank, Credit Suisse's largest investor, announced it could not provide additional financial assistance. This led to a further drop in Credit Suisse's share price, reaching its all-time low at 1.83 francs ($1.98), followed by a [decline](https://cryptoslate.com/insights/credit-suisse-sparks-de-rising-as-eu-us-equities-markets-sink-bitcoin-steady-above-24500/) in European stocks and banks.

While U.S. equities rallied briefly after February's inflation data came in as expected at 6% YoY, concerns about the banking sector persist. Popular macro strategist Lyn Alden warned that the U.S. banking system is still sitting on hundreds of billions of dollars in [unrealized losses](https://dailyhodl.com/2023/03/15/us-banking-system-nursing-over-600000000000-worth-of-unrealized-losses-warns-macro-guru-lyn-alden/) due to investments in U.S. treasuries and bonds during 2020 and 2021, amid the Federal Reserve's aggressive interest rate hikes over the past year.

Moody's, a credit rating agency, recently [downgraded](https://cointelegraph.com/news/us-banking-system-outlook-downgraded-to-negative-following-recent-bank-failures) its outlook on the entire U.S. banking system from "stable" to "negative," citing the risk to banks with significant unrealized securities losses and uninsured U.S. depositors.

Investors may remain cautious about the possibility of a 50 bps rate hike, but some analysts are expecting a 25 bps increase instead. Nigel Green, CEO of the financial advisory firm deVere Group, [believes](https://forkast.news/headlines/bitcoin-ether-forkast-500-nft-extend-gains/) that a 25 bps interest rate increase is more likely given the robust labor market.

In terms of Circle’s short-lived stress, despite the CEO's [claims](https://cointelegraph.com/news/circle-ceo-able-to-access-3-3b-of-usdc-s-reserves-at-silicon-valley-bank) that the stablecoin issuer has been able to access $3.3 billion of reserves at SVB, investors are still wary. Options settled in the underlying are currently being valued at a premium compared to those settled in USDC in the options market. According to crypto derivatives analytics firm Block Scholes, this indicates investor [preference](https://www.coindesk.com/markets/2023/03/15/bitcoin-options-market-still-afraid-of-usdc-volatility/) for contracts settled in native cryptocurrencies due to a lingering worry about a potential depeg of USDC.

Although the urgency to exit USDC has diminished, there is still a possibility of more USDC redemptions, according to Riyad Carey, a research analyst at crypto data provider [Kaiko](https://www.coindesk.com/markets/2023/03/15/circle-usdc-rebounds-from-de-pegging-but-stablecoin-observers-see-an-uncertain-future/). Data from Coin360 shows that USD Coin ([USDC](https://coin360.com/coin/usd-coin-usdc))'s circulating supply is currently 38.4 billion, down from its capped value of 43.4 billion on March 10. The Block reported that USDC [redemptions](https://www.theblock.co/post/219887/biggest-usdc-burn-on-record-just-occurred-net-redemptions-since-friday-reach-4-5-billion) have reached $6.2 billion since Friday, which is the reason for the decline.

The cryptocurrency market faces headwinds from various sources, including the U.S. risk assessment analyzing criminal use of [DeFi](https://www.coindesk.com/policy/2023/03/14/us-treasury-poised-to-release-view-on-how-defi-used-in-illicit-finance/), NatWest bank's [limit](https://cointelegraph.com/news/natwest-bank-puts-6k-monthly-limit-to-crypto-exchange-payments) on payments to cryptocurrency exchanges, and the European Parliament's proposal to [challenge](https://blockworks.co/news/eu-passes-smart-contracts-policy) the immutability of smart contracts.

Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) retraced slightly to $24,800 after surpassing $26,000 following yesterday's CPI numbers, ending its two consecutive days of recording double-digit gains. However, Michaël van de Poppe, CEO & founder of trading platform Eight, [believes](https://twitter.com/CryptoMichNL/status/1635982352173129729?s=20) that there is still room for further increases if the Fed pivots given today's PPI data.

Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) price also saw a minor pullback after days of outstanding growth. Due to the recent 20% upside since March 10, ETH has seen its seven-day average network-to-value (NVT) ratio drop to the lowest since November 19 at 59.3, as per blockchain analytics firm [Glassnode](https://www.coindesk.com/markets/2023/03/15/ethereums-network-to-value-ratio-slides-to-3-month-low-as-eth-rallies-20/).

SingularityNET ([AGIX](https://coin360.com/coin/singularitynet-agix)) emerged as the top gainer among the top 100 cryptocurrencies by market cap. AGIX, which was considered one of the leaders of the AI narrative these days, recorded a huge increase after Elon Musk [tweeted](https://twitter.com/elonmusk/status/1635850008141414400?s=20) an image that contains the word “Singularity.”

![Coin360 (1).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_1_4297c52f07.png)

# Top altcoin gainers and losers

## Gainers:

[SingularityNET AGIX](https://coin360.com/coin/singularitynet-agix) (+20.78%)

[Stacks STX](https://coin360.com/coin/stacks-stx) (+13.25%)

[Conflux CFX](https://coin360.com/coin/conflux-cfx) (+9.50%)

## Losers:

[Maker MKR](https://coin360.com/coin/maker-mkr) (-7.79%)

[ApeCoin APE](https://coin360.com/coin/apecoin-ape) (-7.00%)

[Frax Share FXS](https://coin360.com/coin/frax-share-fxs) (-6.73%)

# NFT Market Map

[SewerPass](https://coin360.com/nft/0x764aeebcf425d56800ef2c84f2578689415a2daa) (+4.32%) and [Bored Ape Yacht Club](https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d) (-51.79%) didn’t see significant gains in trading volume on the day Summoning arrives. In contrast, [MutantApeYachtClub](https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6) (+84.52%) marked a nice surge while investors count down to the event.

MG Land (+37.77%) remained on top while it was listed as one of the first partners in OKX Web3’s NFT [trading event](https://twitter.com/okxweb3/status/1635550240890834945?s=20).

![Screenshot_7.jpg](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_7_bb4bce59db.jpg)

# Coin360 Daily Digest

Here's a rundown of the major crypto market news from today.

![twitter post (1).png](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/twitter_post_1_febfe95392.png)

For more daily updates and news, follow us on [Twitter.](https://twitter.com/COIN360com)

Bitcoin, Ether retrace while fear of continued bank crisis fuels USDC redemptions

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_60c0f5a0be.png)Crypto investors experienced further concern when Gemini reportedly lost its major partner J.P. Morgan, according to a CoinDesk [report](https://www.coindesk.com/business/2023/03/08/jpmorgan-is-cutting-ties-with-crypto-exchange-gemini-source/). The banking giant did not respond, but Gemini quickly took to Twitter to [confirm](https://cointelegraph.com/news/gemini-s-banking-relationship-with-jpmorgan-remains-intact) that their banking relationship with J.P. Morgan "remains intact."

These rumors surfaced amid uncertainty about the future relationship between the banking system and the crypto industry in the U.S. However, the bearish sentiment did not stop there as Silvergate confirmed "[voluntary liquidation](https://bitcoinmagazine.com/business/silvergate-bank-announces-liquidation-and-winding-down)" just a day after reports suggested that the embattled crypto-friendly bank was discussing ways to avoid a shutdown with U.S. federal officials.

This potentially marks another major player's fallout in the cryptocurrency space. Unlike FTX, Silvergate's customer deposits are expected to be paid in full, as the bank did not file for bankruptcy. Nevertheless, some U.S. lawmakers have commented on the state of the crypto industry, labeling it a “risky, volatile sector." Prominent US Senator Elizabeth Warren even called for regulators to "step up against crypto risk," which sparked [criticism](https://cointelegraph.com/news/silvergate-downfall-sparks-debate-over-whose-fault-it-actually-was) from the community.

Some analysts believe that the Silvergate collapse won't necessarily hurt the crypto industry, but with proposed changes to [tax laws](https://cryptoslate.com/biden-to-propose-changing-crypto-tax-rules-wsj/), it could increase the risk of crypto companies leaving the U.S. The recently proposed budget includes a provision to close tax loss harvesting on crypto transactions "to reduce wash sales trading," which is expected to raise up to $24 billion, as per the Wall Street Journal.

According to a [report](https://www.coindesk.com/business/2023/03/09/digital-asset-inflows-will-slow-without-on-ramps-between-fiat-and-crypto-morgan-stanley/) by global investment bank and wealth management firm Morgan Stanley, U.S. regulators may be about to ramp up their actions against banks offering services to crypto companies. The note said the focus of the cryptocurrency market will now shift towards the actions of rival crypto bank Signature, as well as the biggest crypto exchange Binance, and any additional regulatory actions taken against specific companies or products.

Meanwhile, CFTC Chair Rostin Behnam told the Senate Agriculture Committee that Ether and stablecoins are [commodities](https://decrypt.co/123032/cftc-chair-says-ethereum-is-a-commodity-despite-genslers-bitcoin-only-position), and stablecoins should be placed under CFTC's jurisdiction. His comment was said to directly oppose the viewpoint expressed by SEC Chairman Gary Gensler last month, who claimed that securities laws apply to "everything other than Bitcoin."

Macro forces do not seem to support the crypto upside either at this moment, although Fed Chair Jerome Powell insisted that the central bank [has not yet](https://fortune.com/2023/03/08/jerome-powell-fed-interest-rate-hike-no-decision-yet/) made a decision on the magnitude of the rate hike.

Speaking at a hearing of the House Financial Services Committee, Powell [said](https://beincrypto.com/bitcoin-falls-hot-jobs-fuel-hawkish-fed-policy/) that the Open Markets Committee would consider the ADP report, the jobs report due on Feb. 10, 2023, the U.S. CPI, and the PCE numbers when deciding its next hikes. Yesterday, the U.S. ADP Nonfarm Employment Change for February exceeded the estimated 200,000 at 242,000, suggesting that wage growth is likely to contribute to continued aggressive tightening.

Due to Powell’s statement, Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) experienced a minor recovery, rising from $22,000 to $22,200. However, the coin quickly fell into the red zone due to a series of FUD and negative headlines. BTC has been trading around $21,600 after the news of Silvergate's shutdown sent it under the $22,000 support level.

At the time of writing, data from [Coinglass](https://www.coinglass.com/LiquidationData) suggests that March 8 liquidated $84.67 million of longs and another $14.7 million of shorts in total. During liquidations, BTC futures traders lost $25.11 million, 86.47% of which were long positions.

It came while institutional money is witnessing a downward trend. As per the research and data provider [ByteTree](https://terminal.bytetree.com/bitcoin/flows/#), the number of BTC held by funds has dropped to a level not seen since late October 2021 at around 831,000 as of March 8, representing a 2% drop from the YTD peak of 846,471.

Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) recorded a -1.26% drop over the past 24 hours, while Polygon (MATIC) remained the biggest loser among the top 10 cryptocurrencies with a -5.49% discount.

# Top altcoin gainers and losers

## Gainers:

[Klaytn KLAY](https://coin360.com/coin/klaytn-klay) (+7.78%)

[Filecoin FIL](https://coin360.com/coin/filecoin-fil) (+5.57%)

[IOTA MIOTA](https://coin360.com/coin/miota-iota) (+3.07%)

## Losers:

[Immutable X IMX](https://coin360.com/coin/immutable-x-imx) (-12.70%)

[Synthetix SNX](https://coin360.com/coin/synthetix-snx) (-9.74%)

[Convex Finance CVX](https://coin360.com/coin/convex-finance-cvx) (-9.73%)

# NFT Market Map

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_1_5175c1ac7b.png)  

[Otherdeed](https://coin360.com/nft/0x34d85c9cdeb23fa97cb08333b511ac86e1c4e258) (-11.81%) stepped up as the biggest NFT collection by 24h trading volume while Yuga Labs revealed more details about the second [gamified test](https://news.yuga.com/otherside-2nd-trip) of its Otherside metaverse platform.

While Otherdeeds dropped in volume, its sister collections like [MutantApeYachtClub](https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6) (+125.06%) and [SewerPass](https://coin360.com/nft/0x764aeebcf425d56800ef2c84f2578689415a2daa) (+196.39%) were enjoying gains.

[Azuki](https://coin360.com/nft/0xed5af388653567af2f388e6224dc7c4b3241c544) (+694.70%) also saw impressive increases in daily volume after its team member [ZAGABOND.ETH](https://twitter.com/ZAGABOND/status/1633705557835255808?s=20) revealed some upcoming changes.

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/twitter_post_010c564adc.jpg)

Bitcoin loses $22,000 support as Gemini rumors and Silvergate shutdown sparks fear of contagion

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_1_3c15c2631e.png)Silvergate Bank, known for its crypto-friendly services, has been a popular choice for many companies in the industry with over [90% of deposits](https://fortune.com/crypto/2023/03/04/cryptos-favorite-bank-brink-what-happens-if-fails/) from crypto firms at one point. However, the fallout of this bank can lead to a shift in investment practices, as investors will potentially transfer their funds to stablecoin issuers to receive stablecoins rather than depositing their dollars using traditional banking services.

According to crypto data provider Kaiko's recent [report](https://www.coindesk.com/markets/2023/03/06/silvergates-struggles-will-likely-boost-stablecoins-role-in-crypto-trading-kaiko/), stablecoins are continuing to gain traction in the market. For instance, USDT's dominance in Bitcoin trading volumes has reached an all-time high of 93% versus the US dollar, a spectacular rise from only 3% in 2017. However, the report also stated that the risk of stablecoin issuers still needing access to a crypto bank is now further concentrated, indicating a need for diversification in the market.

Among the available stablecoins, USDT has emerged as the most popular, with its [dominance](https://defillama.com/stablecoins) surpassing 53% as of today on DefiLlama. Scrutiny around Binance USD ([BUSD](https://coin360.com/coin/binance-usd-busd)) has contributed to the adoption of Tether ([USDT](https://cointelegraph.com/news/btc-may-need-to-dip-to-19-3k-to-cool-bitcoin-profit-taking-new-data)) and Circle ([USDC](https://coin360.com/coin/usd-coin-usdc)): both stablecoins have seen their dominance rise since early February when BUSD faced the crackdown from regulators.

The Digital Euro Association (DEA) also showed their support for stablecoins in the latest [report](https://cointelegraph.com/news/stablecoins-have-plentiful-machine-payment-use-cases-in-absence-of-euro-cbdc-report), in which they argued that Europe can use stablecoins for machine-to-machine (M2M) payments. According to DEA, stablecoins could increase scalability and reduce intermediaries, which would alleviate the usability and security challenges that APIs present. Incorporating stablecoins into the financial system may become crucial in the long run.

On the other side of the globe, China is taking further steps to boost the adoption of its central bank digital currency (CBDC). The country is integrating the digital yuan app into [WeChat Pay](https://beincrypto.com/wechat-pay-integrated-digital-yuan-app-fast-payments/), one of the most widely-used payment methods in China with over 1 billion users. Additionally, the e-commerce giant JD.com and the Bank of China have recently joined the Hong Kong-Mainland China "cross-border" [digital yuan pilot](https://cryptonews.com/news/jdcom-bank-of-china-join-mainland-china-hong-kong-digital-yuan-pilot.htm).

Despite the growing potential of stablecoins, the crypto market is currently experiencing a decline in bullish sentiment. European cryptocurrency investment firm [CoinShares](https://cointelegraph.com/news/investor-concerns-persist-as-crypto-investment-products-see-4th-week-of-outflows)' market report shows the fourth consecutive week of outflows from crypto investment funds, with last week's outflow reaching $17 million. Negative sentiment is primarily focused on Bitcoin, with outflows touching $20 million. Short-Bitcoin products saw minor inflows of $1.8 million, marking their third straight week of inflows.

Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) continues to trade flat under $22,500 while traders are hesitant to place strong bids ahead of a crucial week of economic developments in the U.S. when nonfarm payroll statistics and Powell's testimony are expected to create volatility.

However, negative Bitcoin funding rates suggest a bet on the downside, according to the crypto analytics tool [CryptoQuant](https://cryptoquant.com/insights/quicktake/6405d61b4b67fa3f485e4f9b-The-market-is-mostly-bearish-and-is-betting-on-further-declines-according-to-fun). Data from [Glassnode](https://cointelegraph.com/news/btc-may-need-to-dip-to-19-3k-to-cool-bitcoin-profit-taking-new-data) pointed out that a drop to $19,300 would bring STH-MVRV back to 1.0, which means spot prices would return to the cost basis of short-term holders who tend to take profit since $25,000 and prevent Bitcoin to break $23,800 recently.

Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) and other major altcoins follow the sideways movement while Glassnode suggests [about 65%](https://cointelegraph.com/news/warning-sign-for-eth-price-ethereum-volume-profile-is-down-90-since-march-2020) of ETH’s circulating supply is in profit.

# Top altcoin gainers and losers

## Gainers:

[Enjin Coin ENJ](https://coin360.com/coin/enjin-coin-enj) (+4.59%)

[Immutable X IMX](https://coin360.com/coin/immutable-x-imx) (+4.53%)

[Ripple XRP](https://coin360.com/coin/ripple-xrp) (+2.85%)

## Losers:

[Stacks STX](https://coin360.com/coin/stacks-stx) (-7.77%)

[OKB OKB](https://coin360.com/coin/okb-okb) (-5.83%)

[Synthetix SNX](https://coin360.com/coin/synthetix-snx) (-5.33%)

# NFT Market Map

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_2_88154c5709.png)

[Otherdeed](https://coin360.com/nft/0x34d85c9cdeb23fa97cb08333b511ac86e1c4e258) (+215.58%), [Bored Ape Yacht Club](https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d) (+100.39%), and [MutantApeYachtClub](https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6) (-14.07%) regained their top spots in the top 5 NFT collections by volume after the sale of TwelveFold.

[HoshiboshiAries](https://coin360.com/nft/0x7614632d063fb1f335b36c612f8dfc52e5c62420) (+102.27%), an anime-inspired project, made its way to the top volume list as NFTGo Japan spotted [unusual](https://twitter.com/NFTGoJapan/status/1632625699432574976?s=20) trading activities.

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/twitter_post_d2e9d158ea.jpg)

Bitcoin goes flat as traders become vigilant amid market headwinds

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_1_c91fd34f57.png)The cryptocurrency market has been experiencing some turbulence in the past few days and still digesting the impact of Silvergate’s operational issues. Last Friday, the crypto-friendly bank decided to [close](https://cryptopotato.com/silvergate-issues-continue-bank-closes-its-crypto-payments-network/) its Silvergate Exchange Network (SEN), its crypto payment service.

Coincidentally, Bybit announced the [suspension](https://bitcoinist.com/bybit-halts-usd-withdrawals/) of USD payment via bank transfers. The Dubai-based exchange gave a deadline to withdraw USD by Mar. 10, 2023, 12 AM UTC due to “service outages” from the end-point processing partner, making the community question if it used SEN for USD payments. Days after the announcement, Bybit unveiled the launch of a new [debit card](https://cointelegraph.com/news/bybit-introduces-mastercard-powered-debit-card-days-after-halting-usd-transfers) allowing users to make payments and withdraw cash using cryptocurrency holdings using the Mastercard network.

Analysts seemed to have a positive approach to the Silvergate trouble. Matt Weller, Forex.com’s global head of research, said he won't be surprised by a drop to $20,000 in Bitcoin price, but the Silvergate story doesn't look like it's "leading to [broad contagion](https://www.coindesk.com/markets/2023/03/06/first-mover-asia-bitcoin-is-stuck-between-silvergate-and-china/)."

March Zheng, the co-founder and managing partner of Bizantine Capital, is paying attention to economic data from a re-opened China instead as it "could lead to an increase in appetite for assets like crypto." However, the economic outlook isn't really optimistic since the Chinese government announced a [modest](https://www.aljazeera.com/economy/2023/3/6/why-did-china-set-its-lowest-economic-growth-target-in-decades) economic growth target of 5% in 2023 – one of its lowest targets in decades.

Crypto headwinds didn't move around Silvergate only. Recently, Wall Street Journal published a [report](https://www.wsj.com/articles/texts-from-crypto-giant-binance-reveal-plan-to-elude-u-s-authorities-3a17ddeb) alleging the company established a U.S. entity back in 2019, as a means of mitigating the potential legal consequences of operating in the United States. Binance was also among many firms that sought to bring Gary Gensler into the fold as an adviser while he was teaching at the Massachusetts Institute of Technology.

“But Binance and Binance.US have been much more intertwined than the companies have disclosed, mixing staff and finances and sharing an affiliated entity…,” the report stated. As a result, Binance, as a global company, had access to information about its customers in the United States. Binance and Binance.US admitted the lack of controls in the early days, saying that they “made some [initial missteps](https://forkast.news/headlines/binance-us-unit-unknown-to-regulators-wsj/) which have now been rectified.”

The WSJ report came out as the news firm was facing criticism from [Tether](https://cointelegraph.com/news/tether-strikes-at-wsj-over-stale-allegations-of-faked-documents-for-bank-accounts) for “misinformation and inaccuracies” about the stablecoin issuer's faked documents for bank accounts.

Amid the crypto chaos, Kraken appears to be today’s silver lining as the exchange is planning to launch its own [bank](https://www.theblock.co/post/217177/kraken-is-on-track-to-launch-bank-very-soon-despite-regulatory-weird-place) despite a challenging regulatory environment, according to Kraken’s chief legal officer Marco Santori.

In response to the market’s post-Silvergate uncertainty, Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) started a new week under $22,500, the level it has remained over the weekend. The coin has almost seen no changes in price in the past 24 hours with just a 0.08% drop.

It happened while analytics firm [CryptoQuant](https://cryptoquant.com/insights/quicktake/6403dc28427380174e2950ac-Large-scale-stablecoin-inflow-to-exchanges) reported an increase in stablecoin exchange inflows, reaching the “highest level of this year” following a surge on March 5. Data from [IntoTheBlock](https://app.intotheblock.com/coin/BTC) suggests that 63% of Bitcoin holders are making money, but given that the price is trading sideways and stablecoin inflows spiked, it seems that investors are not ready to sell, and they may be looking for better entry to accumulate.

Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) also saw modest changes in price over the past day, while Cardano ([ADA](https://coin360.com/coin/cardano-ada)), marking a 2.45% drop, is raising eyebrows as IntoTheBlock data pointed out that [80% of its holders](https://u.today/80-of-cardano-ada-holders-suffer-losses-intotheblock) are suffering losses.

# Top altcoin gainers and losers

## Gainers:

[Decentraland MANA](https://coin360.com/coin/decentraland-mana) (+4.08%)

[FTX Token FTT](https://coin360.com/coin/ftx-token-ftt) (+3.67%)

[GMX GMX](https://coin360.com/coin/gmx-gmx) (+3.59%)

## Losers:

[SingularityNET AGIX](https://coin360.com/coin/singularitynet-agix) (-6.63%)

[Dash DASH](https://coin360.com/coin/dash-dash) (-5.66%)

[Quant QNT](https://coin360.com/coin/quant-qnt) (-4.91%)

# NFT Market Map

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_2_b9ad504112.png)March 5 was a big day for Bitcoin NFT and Yuga Labs as the TwelveFold auction officially went live. Nevertheless, the community’s reaction was not really positive. BAYC creator faced [criticism](https://decrypt.co/122771/critic-says-yuga-labs-bitcoin-nfts-auction-sets-really-bad-precedent) from the crypto community, including the creator of Bitcoin Ordinals, over the way it organized the auction.

Amid controversy, Yuga family collections lost their top positions in trading volume to newer projects including [MG Land](https://coin360.com/nft/0xe75512aa3bec8f00434bbd6ad8b0a3fbff100ad6) (+22.61%), [Owls](https://coin360.com/nft/0xe2e27b49e405f6c25796167b2500c195f972ebac) (-37.38%), and [Wrapped Cryptopunks](https://coin360.com/nft/0xb7f7f6c52f2e2fdb1963eab30438024864c313f6) (+241.86%).

Bitcoin goes sideways as crypto headwinds target Binance

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_d36fc288c5.png)The crypto industry has recently faced a number of challenges that have contributed to a decrease in the value of major cryptocurrencies such as Bitcoin and Ethereum.

The U.S. job report, which saw [Initial jobless claims](https://www.investing.com/economic-calendar/) fall 2,000 from a week prior to 190,000 and stay below expectations of 195,000, might have caused Bitcoin and Ether to slightly decrease overnight. However, it were the concerns surrounding the liquidity of Silvergate bank that led to a further drop in their price.

Big companies in the crypto industry have started reducing or terminating their collaborations with Silvergate due to concerns that it may be "less than well capitalized," [said](https://cryptonews.com/news/microstrategy-claims-minimal-exposure-as-cryptocom-coinbase-gemini-pause-transactions-with-silvergate-bank-whats-going-on.htm) the bank itself in a filing to delay publishing its annual 10-K report.

In the last quarter of 2022, Silvergate, which had previously partnered with the now-defunct FTX crypto exchange and its affiliated trading firm Alameda Research, reported a [net loss](https://decrypt.co/119378/crypto-bank-silvergate-reports-1b-net-loss-q4-industrys-crisis-confidence) of $1 billion and a decrease in customer deposits of approximately $14 billion.

Coinbase, Crypto.com, Circle, Paxos, Gemini, BitStamp, Galaxy Digital, Tether, and Microstrategy are among the firms that have [distanced themselves](https://cointelegraph.com/news/microstrategy-tether-adds-to-firms-distancing-from-silvergate-as-stock-dives-57) from the troubled bank. Amid the increasing number of crypto companies that moved to either reduce exposure with Silvergate or to completely cut ties, the bank's stock fell sharply by 58% to hit an [all-time low](https://finance.yahoo.com/quote/SI/) of $5.72.

Crypto firms are now seeking new banks to partner with, with Signature Bank being a popular choice for now since Coinbase used it to serve [Coinbase Prime](https://cryptopotato.com/coinbase-dumps-silvergate-for-signature-bank/) customers. Nevertheless, the bank previously shared the plan to withdraw up to $10 billion in deposits from clients who hold digital assets and ban SWIFT transactions [under $100,000](https://cointelegraph.com/news/binance-s-swift-banking-partner-set-to-ban-usd-transfers-below-100k).

Cross River Bank in the U.S. and offshore options like Deltec, or [Swiss banks](https://cointelegraph.com/news/coinbase-cutting-ties-with-silvergate-forces-crypto-hedge-fund-to-find-a-new-bank) such as SEBA AG, still remain. [Laura Vidiella](https://www.theblock.co/post/216548/silvergates-network-unravels-leaving-crypto-industry-in-search-of-new-partners), vice president of business development and strategy at digital asset investment firm LedgerPrime, sees the Silvergate news as a short-term shock and it "shouldn't be at the scale as the same events we experienced last year."

In addition to these challenges, SEC chair Gensler has called for new rules to prevent crypto exchanges from [acting as custodians](https://www.coindesk.com/policy/2023/03/02/sec-chair-gensler-says-crypto-exchanges-may-not-be-qualified-custodians/), adding to the regulatory concerns surrounding the industry. When it comes to macro, the DXY recovery contributed to the bearish sentiment as it has increased by 4% since February 3.

According to Fed Governor Christopher Waller, inflation is not coming down as fast as he thought, which means the policy target range "will [have to be raised](https://cointelegraph.com/news/dollar-s-sharp-recovery-puts-bitcoin-s-25k-breakout-prospects-at-risk) this year even more" if the macro data still looks hot.

Today the UK crypto space took a further hit as well. HSBC and Nationwide Building Society became the latest major banks in the country to [impose a ban](https://cointelegraph.com/news/uk-banks-hsbc-nationwide-to-ban-crypto-purchases-with-credit-cards-report) on their customers’ crypto purchases, following a notice from the British regulator Financial Conduct Authority (FCA) which considered crypto as a high-risk investment.

As a result of breaking negative news, Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) fell 4.7% within just 60 minutes in the early hours of March 3 (UTC time), dropping to its lowest levels since February 15. After losing $1,100 in value in a short period of time, plunging from $23,400 to $22,300, the coin managed to climb over $23,300 at the time of writing, still marking a 4.3% drop in the past 24h.

The crash led to a $45B loss in [total crypto market cap](https://coin360.com/charts) in just one day, while traders lost $241.73M in [liquidations](https://www.coinglass.com/LiquidationData). Long traders accounted for 91.66% of liquidated positions, seeing $221.56M being wiped out.

Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) followed suit as it fell 4.26% over the day, changing hands at $1,569 at the time of this writing.

# Top altcoin gainers and losers

## Gainers:

[SSV Network SSV](https://coin360.com/coin/ssv-network-ssv) (+12.38%)

[EOS EOS](https://coin360.com/coin/eos-eos) (+7.06%)

[Immutable X IMX](https://coin360.com/coin/immutable-x-imx) (+6.78%)  

## Losers:

[Conflux CFX](https://coin360.com/coin/conflux-cfx) (-14.25%)

[Terra Classic LUNC](https://coin360.com/coin/terra-classic-lunc) (-11.27%)

[SingularityNET AGIX](https://coin360.com/coin/singularitynet-agix) (-10.49%)

# NFT Market Map

[![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_1_4acda79052.png)Momoguro: Holoself](https://coin360.com/nft/0x59ad67e9c6a84e602bc73b3a606f731cc6df210d) (+0.00%) has been on the top of Opensea’s trending list, and ranked as the no.1 NFT collection by 24h volume traded on Coin360 heatmap, after its mint [ended](https://twitter.com/MomoguroNFT/status/1631444526656094208?s=20) successfully.

Its creator, [Baobab Studios](https://decrypt.co/122516/emmy-award-winning-disney-backed-baobab-studios-launches-momoguro-ethereum-nfts), has won nine Emmy Awards for its short films and virtual reality (VR) experiences as a Disney-backed studio.

[MutantApeYachtClub](https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6) ended up with the second-biggest volume, recording a 131.09% upside over the past day while [MG Land](https://coin360.com/nft/0xe75512aa3bec8f00434bbd6ad8b0a3fbff100ad6) pulled back with a 26.91% drop.

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/twitter_post_2d80c7adae.jpg)

Bitcoin’s sharp drop toward $22K amid Silvergate Bank turmoil

![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_f1ada271cd.png)Coinbase CEO Brian Armstrong warned that the U.S. risks [falling behind](https://beincrypto.com/offshoring-crypto-hurts-us-financial-system-laments-coinbase-ceo/) other countries both technologically and politically, and he didn’t say that without any clues.

Institutions are hesitant to fully embrace the crypto market due to a [lack of regulatory clarity](https://www.coindesk.com/markets/2023/03/02/first-mover-asia-consensys-chief-cryptoeconomist-sees-little-drama-ahead-for-bitcoin/), according to Consensys chief crypto economics officer Lex Sokolin. The SEC adds to the uncertainty, as they lead the charge in regulating the industry with tighter enforcement actions.

Recently, [South Dakota](https://bitcoinist.com/us-state-proposes-bill-prevent-bitcoin-being-money/) is said to attempt to exclude Bitcoin from being considered "money" in their laws, therefore undermining Bitcoin adoption in the US. According to Dennis Porter, CEO of Satoshi Act Fund, the bill states that no medium of exchange can be considered “money” unless it was “approved or adopted by the government” before it existed as a medium of exchange.

While the U.S. is struggling to find its way for crypto regulation, Japan has been opening up to stablecoins as [three major banks](https://forkast.news/headlines/japanese-banks-to-launch-test-stablecoins-on-japan-open-chain/) there will issue stablecoins on an Ethereum-compatible blockchain created by Tokyo-based G.U. Technologies.

Japanese cryptocurrency exchanges are currently prohibited from listing stablecoins issued by foreign entities, such as Tether ([USDT](https://coin360.com/coin/tether-usdt)). However, reports suggest that this ban will be lifted in 2023 for stablecoins that comply with certain regulatory standards.

In June, new regulations will also allow Japanese exchanges to apply for a special license to trade stablecoins. As privately developed stablecoins are expected to make their way to Japan, the Bank of Japan is concentrating on developing its central bank digital currency, with a digital yen pilot program scheduled for April.

In Australia, the [Reserve Bank of Australia (RBA)](https://decrypt.co/122511/australia-announces-cbdc-pilot-and-study-for-the-eaud) has invited companies to explore 14 use cases for the Australian stablecoin initiative “eAUD”, including Canvas Digital, a layer-2 network built on top of Ethereum that uses zero-knowledge rollups to facilitate transactions. StarkWare co-founder Eli Ben-Sasson believes that this move could prove that new digital currencies are not just empty hype and could become part of people's daily lives.

Despite regulatory pressure and macroeconomic gloom, there’s light at the end of the tunnel. Fidelity researcher [Jack Neureuter](https://twitter.com/j_neureuter/status/1630625452212535302) noted that the percentage of BTC that have not moved in the past year has reached an all-time high of over 67%, and accumulation addresses have also hit a new record of 800,000.

With these fundamentals, as well as more bullish catalysts from on-chain metrics mentioned in his thread, investors could look forward to a recovery to reach a new ATH in price based on historical trends.

However, there are still signs of short-term weakness in the market, as Bitcoin ([BTC](https://coin360.com/coin/bitcoin-btc)) has failed to reclaim $25,000 and has experienced recent consolidation. BTC recovered some of its losses and gained modest traction around the $23,500 level.

This came after the coin tumbled to under $23,400 from over $23,700 earlier today. The coin is now changing hands at a 1.54% discount while [Silvergate bank came with bad news about its state](https://protos.com/silvergate-warns-investors-it-may-not-survive-the-year-shares-drop-30/). The Silvergate news raises concerns among the crypto community about potential wider-market contagion risks.

Ethereum ([ETH](https://coin360.com/coin/ethereum-eth)) has suffered less with only a 0.72% drop in price since an audited version of the Ethereum Foundation's ERC-4337 account abstraction standard has gone live on the Ethereum mainnet, which could boost user adoption by [simplifying](https://ambcrypto.com/ethereum-mainnet-introduces-erc-4337-account-abstraction-standard/) the wallet setup process. CryptoQuant also predicted [low selling pressure](https://cryptoquant.com/insights/quicktake/63ff64144b67fa3f48535925-2-Reasons-why-ETH-selling-pressure-will-remain-low-even-after-the-Shanghai-Upgra) for ETH even after the Shanghai upgrade, with 60% of the staked ETH supply (about 10.3 million ETH) currently at a loss.

Xmon ([XMON](https://coin360.com/coin/xmon-xmon)) went viral over social media today after tanking by more than 90%, from $24,400 to $2,300, within minutes following the end of [SudoSwap’s lockdrop](https://www.coindesk.com/markets/2023/03/02/xmon-tokens-fall-80-after-end-of-sudoswap-lock-drop-program/).

# Top altcoin gainers and losers

## Gainers:

[Terra Classic LUNC](https://coin360.com/coin/terra-classic-lunc) (+2.57%)

[Lido stETH STETH](https://coin360.com/coin/lido-steth-steth) (+2.27%)

[Bitcoin SV BSV](https://coin360.com/coin/bitcoin-sv-bsv) (+1.67%)

## Losers:

[Immutable X IMX](https://coin360.com/coin/immutable-x-imx) (-9.13%)

[SingularityNET AGIX](https://coin360.com/coin/singularitynet-agix) (-8.86%)

[Klaytn KLAY](https://coin360.com/coin/klaytn-klay) (-8.81%)

# NFT Market Map

[![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_1_fe5bbadee7.png)MegaPunksPOP](https://coin360.com/nft/0xf7479f9527c57167caff6386daa588b7bf05727f) (+339.45%) is a newcomer to the NFT leaderboard today as the floor price [soared by 400%](https://degenknows.io/nft-profiler?address=0xf7479f9527c57167caff6386daa588b7bf05727f&collection_id=megapunks-pop) within 48 hours after mint.

[Azuki](https://coin360.com/nft/0xed5af388653567af2f388e6224dc7c4b3241c544) (+179.04%) came back to the top after a long time while Azuki #1582 was sold for 200 ETH on X2Y2.

Yuga Labs family collections, including [Bored Ape Yacht Club](https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d) (+3.08%), [MutantApeYachtClub](https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6) (-15.01%), [Otherdeed](https://coin360.com/nft/0x34d85c9cdeb23fa97cb08333b511ac86e1c4e258) (-43.13%), and [SewerPass](https://coin360.com/nft/0x764aeebcf425d56800ef2c84f2578689415a2daa) (-27.88%) were still in the top 10 despite underperforming the others.![](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/twitter_post_2468d53d7f.jpg)