Starknet Roadmap Includes Parallel Processing, Robinhood Releases Crypto Wallet to Android Users
Market Update
- The Federal Reserve is set to announce its interest rate decision at 2 PM EST today. The key thing to watch will be the committee’s “dot plot” which shows their longer-term expectations for interest rates. Markets are pricing 75 bps of rate cuts this year, which aligns with the committee’s previous dot plot, so any deviations could impact markets. Fear surrounding today’s FOMC meeting may have contributed to Bitcoin ETFs experiencing their largest day of net outflows since inception, with an outflow of $362.2 million yesterday. $BTC (+3.51%) has rebounded from a low of $60.8k to approximately $64.1k in today’s trading. $ETH (+7.17%) is showing larger gains despite Bloomberg analysts now expecting that spot Ether ETF applications will be denied in May. The downgrade is due to a lack of engagement from the SEC with issuers. In contrast, in the months ahead of the Bitcoin ETF approval, there was significant back and forth between issuers and the SEC to iron out details. The reduced approval probability has caused the ETHE discount to widen from 8% back down to 20%, the largest discount since November.
Source: Farside Investors, Fundstrat
- Ethereum Layer-2 network Starknet, released its 2024 roadmap, including plans for a parallel execution upgrade in Q2. One of Starknet’s primary goals following the successful Dencun upgrade is improving network throughput to help support the expected growth of users and developers. Parallel execution allows for simultaneous processing of transactions that do not access the same states, vastly improving network throughput. Solana is an example of a parallel execution chain, whereas more traditional networks like Ethereum utilize sequential processing to ensure that no two transactions conflict with each other. Other improvements for the year include native integration of the Cairo Native project into the Starknet sequencer, a hybrid data availability upgrade, applicative recursion, and DA compression, all of which will improve scalability and reduce end-user fees. $STRK has risen 7.74% in today’s trading following the roadmap release.
Source: Starknet
- Robinhood has rolled out its crypto wallet, Robinhood Wallet, to global Android users. Robinhood Wallet was initially launched on iOS, while the Android version has been in beta for about a year. Android users have been able to add themselves to a public waitlist, but all waitlisted customers can now utilize the wallet, expanding access to millions of global users. The Robinhood Wallet supports send, receive, and storing support for the Bitcoin, Ethereum, Arbitrum, Polygon, Optimism, and Base networks. Robinhood Wallet also supports DEX aggregator swaps on Polygon and Arbitrum with no service fees charges. Robinhood is working to enable cross-chain swaps and integrate new on-ramps to improve accessibility and user experience. Robinhood has stated they are committed to expanding its crypto business and incorporating it into people’s daily lives, especially as it has seen a recent uptick in crypto trading activity.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Recent consolidation in Hedera Hashgraph makes this an attractive risk/reward following its attempted stabilization near key support near $0.10. This level aligns with two prior important former peaks from February 2023 and January 2023 which now represent significant support to recent weakness. This level also aligns between the 50 and 61.8% Fibonacci retracement level for $HBAR, and likely results in stabilization and a turn back higher. Initial resistance lies near $0.141, while a close above this level allows for a meaningful lift to either $0.19 or above to $0.265 before finding resistance. Overall, momentum remains quite positive on an intermediate-term basis following $HBAR recent strength up to two year highs. Thus, this recent consolidation will help to alleviate the short-term overbought conditions, and is seen as buyable.
Daily Important Metrics
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All metrics as of March 20, 2024 11:00 AM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $1.25T | $63,634 | ↑ 0.49% | ↑ 51% | |
 ETH | $398B | $3,313 | ↑ 1.27% | ↑ 46% | ↓ -5.08% |
 SOL | $76B | $172 | ↓ -4.37% | ↑ 69% | ↑ 18% |
 ADA | $22B | $0.6053 | ↓ -1.79% | ↑ 2.12% | ↓ -49% |
 DOGE | $19B | $0.1321 | ↓ -0.42% | ↑ 48% | ↓ -2.25% |
 DOT | $13B | $8.96 | ↓ -1.07% | ↑ 11% | ↓ -40% |
 LINK | $10B | $17.45 | ↓ -0.07% | ↑ 17% | ↓ -34% |
 MATIC | $9.5B | $0.9550 | ↑ 0.49% | ↓ -0.55% | ↓ -51% |
 NEAR | $6.7B | $6.37 | ↓ -6.44% | ↑ 77% | ↑ 26% |
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% | ↑ 24% |
| BITW | ↓ -32% | $37.40 | ↑ 1.38% | ↑ 52% | ↑ 1.61% |
| ETHE | ↓ -16% | $34.16 | ↓ -0.96% | ↑ 76% | ↑ 25% |
| BTCC | ↓ -0.16% | $13.12 | ↑ 4.13% | ↑ 60% | ↑ 9.72% |
News
MARKET DATA
The Block Grayscale Ethereum Trust discount drops to -20% as hope dwindles for spot ETF in May The Grayscale Ethereum Trust discount has fallen to its lowest level since November 2023 as hopes for a spot ETF by May have dwindled. |
FUNDRAISING AND M&A
The Block Immutable, Polygon and King River team up to raise $100 million for web3 gaming fund Immutable, Polygon Labs and King River Capital have joined hands to raise $100 million for a new web3 gaming fund. |
HIRING
The Block Anchorage co-founder Diogo Mónica joins Haun Ventures as General Partner Anchorage Digital co-founder Diogo Mónica has joined Haun Ventures as General Partner — but will continue on Anchorage's board. |
PRODUCT UPDATES AND PARTNERSHIPS
The Block Robinhood rolls out crypto wallet to Android users globally Robinhood has rolled out its cryptocurrency wallet to Android users globally, expanding access to millions of potential crypto users. |
The Block OP Mainnet tests ‘fault proofs’ in bid to strengthen network security OP Labs released fault proofs on the OP Sepolia testnet, planning future implementation on the OP Mainnet. |
The Block Starknet’s 2024 roadmap includes parallel transaction execution coming in Q2 Cairo Native integration and data availability compression are also among Starknet’s potential updates this year. |
INVESTMENT PRODUCTS
The Block Following Fidelity’s lead, Grayscale looks to add staking for its proposed Ethereum ETF Grayscale Investments is looking to add staking to its proposed spot Ethereum ETF, according to a statement filed on Tuesday. |
Decrypt.co BlackRock Creates Tokenized Asset Fund, SEC Filing Shows BlackRock's new digital fund sets $100K minimum, eyes Ethereum-based assets |
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