By Omkar Godbole (All times ET unless otherwise noted)
The stablecoin market is expanding again, led by USDC and bitcoin. The rally is gaining strength.
Panic over the Iran war has cooled in the past 24 hours after President Donald Trump said the conflict could end soon. The result: Bitcoin, which remained resilient during the turmoil, has surpassed $70,000, an increase of more than 4%. The CoinDesk 20 index, ether (ETH), solana (SOL), and
The market capitalization of USDC, the second-largest dollar-pegged cryptocurrency, is rapidly approaching the all-time high of $78.6 billion, extending a recovery from the late January low of $70.9 billion. Supply of stablecoin leader USDT has risen to $184 billion from the late February low of $183.5 billion.
This increase in supply of major US dollar-pegged currencies indicates that dry powder held on the sidelines is rising and could be used to fund new cryptocurrency purchases as the rally extends. ETF inflows also support a continued uptrend.
However, some indicators still call for caution. The Coinbase Premium index, which measures the gap between bitcoin prices on Nasdaq-listed exchange Coinbase (COIN) and offshore giant Binance, remains negative, a sign that demand from U.S. investors is still lagging. Historically, bull runs have seen sustained Coinbase premiums.
In traditional markets, oil has fallen back below $100, supporting continued stability across all risk assets, including cryptocurrencies. The dollar index and Treasury yields have also retreated from recent highs. Stay alert!
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- March 10, 9:00 am: US existing home sales for February: 3.9 million (was 3.91 million)
- Earnings (Estimates based on FactSet data)
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Aavegotchi DAO is holding votes 1 and 2 of a multi-signer election, asking token holders to choose a signer from multiple nominees. Voting ends March 10.
- Ssv.network DAO is voting to cancel DIP-46 and reallocate the originally approved $15 million development budget, splitting it into $14.9 million for DVT and $100,000 as a retroactive research grant. Voting ends March 10.
- Realtoken Ecosystem Governance DAO is voting to temporarily suspend RMM (Real Estate Monetary Fund) interest rates to zero for 15 days. Voting ends March 10.
- Unlock
- Token releases
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 2.56% since 4 pm ET on Monday to $70,734.01 (24 hours: +4.60%)
- ETH is up 1.68% to $2,061.24 (24 hours: +3.38%)
- CoinDesk 20 rose 2.02% to 2,015.27 (24 hours: +4.08%)
- Ether CESR Composite Staking Rate Up 17 Basis Points to 2.81%
- BTC funding rate is 0.0024% (2.6105% annualized) on Binance
- DXY remains unchanged at 98.84
- Gold futures rise 2.02% to $5,194.10
- Silver futures rise 6.50% to $89.50
- The Nikkei 225 closed up 2.88% at 54,248.39
- Hang Seng closed up 2.17% at 25,959.90
- The FTSE 100 rises 1.84% to 10,437.86
- The Euro Stoxx 50 rises 2.94% to 5,852.45
- The DJIA closed Monday up 0.50% at 47,740.80
- The S&P 500 closed up 0.83% at 6,795.99
- Nasdaq Composite closed up 1.38% at 22,695.95
- S&P/TSX Composite closed up 0.32% at 33,189.30
- The S&P 40 Latin America closed with an increase of 1.61% to 3,532.70
- The 10-year US Treasury rate remains unchanged at 4.14%
- E-mini S&P 500 futures unchanged at 6,823.00
- E-mini Nasdaq-100 futures unchanged at 25,100.25
- E-mini Dow Jones Industrial Average futures unchanged at 47,948.00
Bitcoin Statistics
- BTC dominance: 59.53% (0.77%)
- Ether-bitcoin ratio: 0.02905 (-0.27%)
- Hashrate (seven-day moving average): 1,008 EH/s
- Hash price (spot): $31.06
- Total fees: 2.52 BTC / $171,578
- CME Futures Open Interest: 103,205 BTC
- BTC priced in gold: 13.7 oz.
- BTC market capitalization against gold: 4.76%
Technical analysis
- The chart shows the daily price action of SOL in candlestick format since August of last year.
- The token is once again stuck in a back-and-forth trading range, this time between $75 and $90, mimicking the October and December-January pattern.
- The next move depends on the direction in which the range finally resolves. A bullish resolution could spark a quick rally above $100, while a breakout would suggest continuation of the broader downtrend.
Crypto Stocks
- Coinbase Global (COIN): closed on Monday at $199.79 (+1.30%), +3.46% to $206.70 in premarket
- Circle Internet Group (CRCL): Closed at $111.84 (+9.74%), +2.18% at $114.28
- Galaxy Digital (GLXY): closed at $21.50 (+4.57%), +3.09% to $22.16
- MARA Holdings (MARA): closed at $8.66 (+8.11%), +2.31% to $8.86
- Riot Platforms (RIOT): closed at $14.70 (+3.78%), +2.52% at $15.07
- Core Scientific (CORZ): closed at $15.16 (+2.02%), +1.45% at $15.38
- CleanSpark (CLSK): closed at $9.61 (+4.34%), +2.29% at $9.83
- Exodus Movement (EXOD): closed at $10.83 (-0.64%)
- CoinShares Bitcoin Miners ETF (WGMI): closed at $37.33 (+3.49%)
- Bullish (BLSH): closed at $36.06 (+3.15%), +1.14% to $36.47
Crypto treasury companies
- Strategy (MSTR): closed at $138.95 (+4.06%), +3.25% at $143.46
- Strive Asset Management (ASST): Closed at $8.51 (-2.18%), +4.58% at $8.90
- Sharplink (SBET): Closed at $7.60 (+3.26%), +1.71% at $7.73
- Upexi (UPXI): closed at $0.97 (+7.78%), +6.19% at $1.03
- Lite Strategy (LITS): closed at $1.20 (+5.26%)
ETF Flows
BTC Spot ETF
- Daily net flows: $167.1 million
- Accumulated net flows: $55.52 billion
- Total BTC holdings ~1.28 million
ETH Spot ETF
- Daily net flows: -$51.3 million
- Accumulated net flows: $11.61 billion
- Total ETH holdings ~5.73 million
Source: Farside Investors
