BNB Chain Launches Rollup-as-a-Service Solution, Robinhood Reports Increased Crypto Trading Activity
Market Update
- A deluge of economic data was released this morning, including higher-than-expected PPI data, sparking a move higher in the DXY (+0.47%) and Treasury Rates. U.S. equities are showing modest declines, with the SPY decreasing 0.15% and the QQQ declining 0.07%. Crypto assets are faring worse, with BTC (-1.60%) falling below $72k and ETH (-2.79%) dropping to $3,900 despite yesterday’s successful Dencun upgrade. Although the majors are showing losses, there are still pockets of outperformance across altcoins, including SOL (+6.57%) and its ecosystem’s corresponding memecoins WIF (+22.1%) and BONK (+5.19%). The WIF community has raised over $690k in less than four days to display the token’s mascot on the Las Vegas Sphere.
- BNB Chain has revealed a new rollup-as-a-service (RaaS) solution that will enable developers to easily launch new layer-2 chains within the BNB ecosystem. BSC is the third largest blockchain by TVL, with over $6 billion in TVL, and the new RaaS service should help drive further growth. Rollups are becoming increasingly prevalent within crypto, and easier deployments should enhance BNB’s scalability and cost-effectiveness. Any new L2s built via the RaaS will be connected via One BNB - an interoperability solution connecting BSC, opBNB, and BNB Greenfield. Additionally, the RaaS will have a “no-code” option, enabling non-technical users to launch rollups. BNB has been performing remarkably well since Binance’s November settlement with the U.S. DOJ, gaining over 160% since then.
Source: BNB
- Retail brokerage and crypto trading platform Robinhood reported large increases in February trading activity. Robinhood’s crypto trading volumes surged 10% month-over-month to $6.5 billion, also marking an 85% year-over-year increase. The increased volumes can likely be attributed to crypto’s strong performance through Q1 in conjunction with popular memecoins like DOGE and SHIB surging. Investors reacted positively to the data, with HOOD shares rising more than 12% in premarket trading and receiving an “outperform” rating from Bernstein on the premise of a large upcoming crypto cycle fueling trading activity. If Robinhood’s numbers are any indication of overall crypto trading activity, it is likely Coinbase reports strong numbers when they report Q1 earnings in the months ahead.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
BONK has begun to show initial signs of emerging from the flag pattern that developed following its breakout over the last month and the act of getting above $.000035 would confirm a breakout that likely lifts this up to test and exceed the peaks from early March. The prior peak from December consolidated but BONK managed to largely recoup much of this loss of December 2023 into January 2024 which has come to take the shape of a larger technical rounding bottom pattern. Overall, it looks right to favor additional gains in the weeks to come and expect a push back up to $.000055 and higher might be possible in 2024. Only a decline under $.000025 postpones this rally and this doesn’t look likely at this time.
Daily Important Metrics
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All metrics as of March 14, 2024 11:28 AM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $1.39T | $70,794 | ↓ -2.61% | ↑ 68% | |
 ETH | $461B | $3,837 | ↓ -3.35% | ↑ 69% | ↑ 1.01% |
 SOL | $75B | $169 | ↑ 7.95% | ↑ 66% | ↓ -1.37% |
 ADA | $27B | $0.7555 | ↑ 0.91% | ↑ 27% | ↓ -40% |
 DOGE | $25B | $0.1753 | ↑ 4.75% | ↑ 97% | ↑ 29% |
 DOT | $14B | $11.14 | ↑ 2.75% | ↑ 37% | ↓ -30% |
 LINK | $12B | $20.70 | ↑ 1.43% | ↑ 38% | ↓ -29% |
 MATIC | $12B | $1.21 | ↓ -5.25% | ↑ 26% | ↓ -42% |
 NEAR | $8.1B | $7.77 | ↓ -0.94% | ↑ 116% | ↑ 48% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↑ 1.04% | $64.31 | ↑ 5.24% | ↑ 75% | ↑ 6.90% |
| BITW | ↓ -37% | $37.40 | ↑ 1.38% | ↑ 52% | ↓ -15% |
| ETHE | ↓ -15% | $34.16 | ↓ -0.96% | ↑ 76% | ↑ 7.92% |
| BTCC | ↑ 0.05% | $13.12 | ↑ 4.13% | ↑ 60% | ↓ -7.23% |
News
QUICK BITS
The Block Hong Kong launches new round of e-HKD pilot to study CBDC programmability, tokenization The Hong Kong Monetary Authority said the second phase will delve deeper into select cases from the first phase. |
CoinDesk Hong Kong's Markets Regulator Issues Warning Against Crypto Exchange Bybit Hong Kong's markets regulator identified Bybit as a suspicious cryptocurrency exchange and placed several of its products on its suspicious investment products ... |
Bitcoin.com Microstrategy Announces $500 Million Convertible Note Sale to Boost Bitcoin Holdings On March 13, the business intelligence company based in Virginia, Microstrategy, unveiled plans to generate $500 million by issuing convertible notes due in 203... |
MARKET DATA
Bitcoinist Bitcoin Open Interest Peaks At $34 Billion, Shattering Previous Records – Details The Bitcoin market is experiencing a land grab of epic proportions. Fueled by institutional interest and surging prices, investors are scrambling to get a piece... |
CoinDesk Robinhood Shares Jump in Premarket Trading After Blowout February Activity Levels Crypto trading volume grew 10% month-on-month to $6.5 billion, the company said. |
CryptoSlate Net $680 million flows into Bitcoin ETFs as Grayscale outflows tick back up to $276 million Bitcoin ETFs continued their strong performance on March 13, with a net inflow of $683.7 million, according to data from Bitmex Research. This marks another pos... |
CRYPTO INFRASTRUCTURE
CoinDesk Layer 2 Blockchains Become Cheaper After Ethereum's Dencun Upgrade The upgrade allows layer 2 solutions to store data in "blobs" instead of the expensive call data. |
FUNDRAISING AND M&A
The Block ZkBridge developer Polyhedra Network reaches $1 billion valuation in token round Polyhedra Network, the developer of zkBridge, has reached a valuation of $1 billion following a new $20 million strategic funding round. |
PRODUCT UPDATES AND PARTNERSHIPS
The Block BNB Chain introduces rollup-as-a-service solution to expand its Layer 2 ecosystem The RaaS aims to provide dapps with the infrastructure required to deploy Layer 2 networks on the BNB Smart Chain. |
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