The bears aren't doing so hot, TVL metrics highlight some significant numbers, and the week ahead could be a banger!
All that and more!
Someone check on the bears
TVL Metrics and booming alts
EU Parliament at it again
NFT and metaverse update
Someone, check on the bears
All praise Do Kwon, whose series of US$125 million spot BTC buys appear to have restored some positive price action, contributed to significant short liquidations, and more importantly, instilled some market-wide confidence, as bitcoin inches towards US$50,000 (with dominance suggesting the altcoins are ready to play catch-up).
And the bears? Did anyone check on the bears?!? O, boy.
Market Update
The LFG’s Bitcoin purchases have guided the crypto markets near yearly highs. Bitcoin (BTC) broke a heavily tested 45k on low liquidity of weekend markets. The week ahead will decide if the breakout turns fake out or the 45k level transforms into new support for a surging BTC. Notably, the RSI indicator is nearing the OVERSOLD area on the daily charts. BTC sits at 46.9k in time of writing.
Source: Trading View
The ETH/BTC daily chart looks to be setting up a miniature bull flag pattern that adds the potential for altcoins to run while bitcoin takes a break from pulling the markets.
Source: Trading View
Weekly Total Value Locked (TVL) Update
Polkadot (DOT) quietly leads the weekly gains in the top 12 chart with a 21% increase after various parachains announcements this week (MoonBeam (GLMR), Acala (ACA), Kusama (KSM), Astar (ASTAR)). The ecosystem in Polkadot is taking shape, and liquidity will likely follow an upward trend.
Thorchain (RUNE) has gained 47% this week and 194% for the month after major upgrades and releases for the decentralized liquidity provider.
Notable TVL increases
25. Theta (THETA) + 22%
51. Zilliqa (ZIL)Â +80%
54. VeChain (VET) +45%
Source DeFi Lama
Notable Price Gainers (7d)
Newswatch
US inching closer to accepting Crypto Banks. The banking subsidiary of Kraken Exchange receives a routing number from the American Bankers Association. It moves closer to attaining a Federal Reserve Master Account that garners access to the global payments system utilized by banks.
EU voting on FATF recommended travel rule. The EU parliament will vote Thursday, March 31, on crypto AML regulation. The regulatory provision would include the FATF recommended travel rule that will require crypto service providers to gather and share clients' personal information for transactions.
Ancient Leadership. Elon Musk stated the US has “very, very ancient leadership and a serious issue with gerontocracy’ in a recent interview that spanned subjects such as human life span and Putin.
El Corte Crypto. Europe’s largest department store El Corte Ingles to launch a crypto exchange.
On-Chain
Bye-bye 20% yield, welcome sustainability. Anchor Protocol (ANC) prop 20 passed on March 25. As a result, the Terra-based Dapp will begin implementing a semi-dynamic earn rate with a monthly change of +/-1.5%.
Avalanche (AVAX) announces the US$100m Culture Catalyst Initiative that looks to push the web3 creative community forward and focus funding on NFT projects on music, film, entertainment, GameFi, and digital art.
UST increase on Curve (CRV). Proposal to increase liquidity on Ehtereum Curve UST pools through Votium, Convex, and Tokamak.
Lending Wars on Near Protocol (NEAR) explained.
NFT and Metaverse
Chip supplier giant enters metaverse. Qualcomm has reportedly set aside $100m to invest in technologies related to the metaverse. Â
Raoul Pal of Real Vision purchases Bored Ape #7894 for 140 ETH ($440,000).
Notable NFT mints
The Universe Machine  Presale: March 29, 13:00, ET / Public mint March 31, 1300, ET.
Imposters whitelist is expected on March 28, with an exact time TBC, and goes public 24 hours later.
Writer’s Take
TVL increases are impressive, and projects are upgrading and building more than ever. Terra and Anchor continue to make moves to stay sustainable, and even Raoul Pal has a Bored Ape now. And honestly, we could use a crypto bank by now. So, Will bitcoin hold US$45,000 and give altcoins a chance to run this week?
Thanks for reading the Morning Brew!