Daily News | Sonic TVL Exceeded $1 Billion, ETH/BTC Exchange Rate Hit A New Low in Nearly 4 Years
Crypto Daily Digest: Multiple Crypto Spot ETF Approvals Delayed, Sonic TVL Exceeded $1 Billion
On March 12, according to Farside Investors data, the U.S. Bitcoin spot ETF had a net outflow of $367.44 million yesterday, of which BlackRock IBIT had a net outflow of $147.74 million, Invesco BTCO had a net outflow of $33.7 million, and Grayscale GBTC had a net outflow of $35.5 million.
Yesterday, the U.S. Ethereum spot ETF had a net outflow of $21.36 million, of which BlackRock ETHA had a net outflow of $11.56 million and Fidelity FETH had a net outflow of $9.8 million.
Sonic TVL exceeded $1 billion
As of March 12, according to DefiLlama data, Sonic’s total value locked (TVL) has exceeded $1 billion, reaching $1.086 billion. This data has been incorporated into the rewards/liquidity of lent assets and staked assets in the lending agreement.
Extended Reading: Shadow and Sonic: A Mutual Success
Opinion: Fed’s delay in cutting rates until 2025 could trigger a bear market
Timothy Peterson, an online economist, warned that if the Federal Reserve delays rate cuts in 2025, it could lead to a broader market downturn and could drag Bitcoin back to $70,000. According to his analysis model, Bitcoin could bottom out at $57,000 in the next bear market, but he said that this is unlikely because too many investors are “watching Bitcoin like vultures.”
Extended Reading: Is the Crypto Market in a Bear Phase? Market Analysis & Investment Strategies
The number of Monad testnet addresses exceeded 8.4 million
On March 12, according to on-chain data, the number of daily transactions on the Monad testnet exceeded 22.62 million, and the total number of transactions exceeded 270 million. In the past 7 days, 2,907,775 new addresses have been added, and the total number of testnet addresses is 8.4 million.
Extended Reading: Monad Testnet Breaks 100 Million Transactions: The Rise of a High-Performance Monad Crypto Blockchain
SEC delayed approval of multiple crypto spot ETFs
On March 12, the U.S. Securities and Exchange Commission (SEC) postponed several crypto spot ETF applications this morning, including Grayscale Cardano (ADA) and DOGE spot ETFs, Canary’s XRP, Solana, Litecoin spot ETFs, and VanEck Solana spot ETF.
Market Trends: Bitcoin rebounded by more than 8%, ETH/BTC hit a new low in nearly 4 years
Market Hotspots
The total market cap of cryptocurrencies rebounded slightly to $2.77 trillion, up 2.5% in 24 hours. Some altcoins rebounded first, among which BANANA is now trading at $16.59, up 57.66% in 24 hours, and AUCTION is now trading at $26.12, up 40.34% in 24 hours.
In the past 24 hours, a total of 105,504 people worldwide had their positions liquidated, with a total liquidation amount of $386 million, including both long and short positions, of which the total liquidation amount of short positions was $257 million.
Mainstream Coins
After falling below $80,000, Bitcoin rebounded weakly. As of press time, it was quoted at $83,209, up more than 8% from the low of $76,606. In this round of decline, Bitcoin was relatively resilient, causing its market capitalization share to rise from 56% at the beginning of the year to 61%.
Ethereum rebounded along with the market and is currently priced at $1,920, up more than 9.4% from its low of $1,754. Ethereum was greatly affected by market deleveraging in this round of decline. The current ETH/BTC exchange rate is 0.023, a new low in nearly four years.
Altcoins generally rebounded, emerging from a weak recovery trend. XRP tokens in the large-cap sector led the gains, up 10% in 24 hours and currently priced at $2.2233. TRX is currently priced at $0.2252, down 1.27% in 24 hours, and is the only token in the large-cap sector that has not risen.
Macro news: Tariff policies fluctuate, and international gold prices remain stable
The broader S&P 500 briefly rose in early trading after Tuesday’s sharp sell-off before Trump announced new tariffs in response to Ontario Premier Ford’s move to impose a 25 percent surcharge on electricity shipped to the U.S. The three major U.S. stock indexes turned negative, the Canadian dollar plunged, and U.S. steel and aluminum stocks rose. As of the close, the S&P 500 index closed down 0.76%, the Dow Jones Industrial Average closed down 1.14%, and the Nasdaq closed down 0.18%.
Gold prices held steady amid tariff uncertainty and economic concerns, holding near $2,915 an ounce as investors reacted to President Trump’s repeated changes in tariffs on Canadian steel and aluminum products. Despite Trump downplaying recession fears and a weaker dollar, markets remain wary of potential stagflation risks due to weak U.S. economic reports.
