Crypto
A grumpy Shibu Inu
A grumpy Shibu Inu (Jaap Arriens/Getty Images)
Woof

Dogecoin fails to rally despite doge ETF launch and more upcoming funds

Even though more parties are entering the dogecoin ETF arena, the token is falling along with the broader crypto market.

Yaël Bizouati-Kennedy

Just a few days after the launch of the first dogecoin ETF, 21Shares listed its own dogecoin ETF on the Depository Trust & Clearing Corporation’s “active and pre-launch” listings under the ticker TDOG.

“We welcome the recognition of TDOG’s listing in the DTCC registry as an important procedural step, as it reflects progress toward operational readiness. However, we are still awaiting full regulatory approval from the SEC before we can speak to commercial launch timing or make further announcements,” a 21Shares spokesperson told Sherwood News.

Dogecoin has tumbled, just like the overall crypto market, which is experiencing a major pullback. The token, the eighth-largest by market cap, is down 9.6% in the past week but is regaining some ground today, eking up 0.3% over the past 24 hours.

Last week, the Rex-Osprey DOGE ETF hit the market, coinciding with the SEC approving generic listing standards, which paves the way for speedier listings.

Inflows to date stand at $8.18 million, according to Rex-Osprey. 

In comparison, bitcoin ETFs, which the SEC approved in January 2024, recorded $4.6 billion in trading volume on their first day of trading. BlackRock iShares Bitcoin Trust ETF, the largest spot bitcoin ETF, recorded $386 million in inflows on its first day of trading, January 11, 2024, SoSoValue data shows.

On its first day, Rex-Osprey’s dogecoin ETF generated a trading volume of $17 million, “which would be Top 5 for year.. out of 710 launches,” Bloomberg analyst Eric Balchunas posted.

Several dogecoin ETFs are waiting for approval, including from Grayscale and Bitwise.

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Yaël Bizouati-Kennedy
4h
Bitcoin tumbles as oil and gas prices spike and the market’s mood turns risk-off

Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

A Bitcoin ATM in Hong Kong...
crypto
Sage D. Young

Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

crypto
Sage D. Young

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy
3/18/26
Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Bitcoin ice carving
crypto
Sage D. Young

Bitcoin sees 8 consecutive days of gains, a streak not seen in 4 years

Bitcoin is on a winning streak. The cryptocurrency has generated eight straight days of positive returns, a rare phenomenon that has occurred only 15 times since Satoshi Nakamoto created it, according to a CoinDesk report.  

In the 30 days after posting an eight-day streak, bitcoin traded higher nine times and lower six times. The median return in the period is roughly 19%. Despite the historical gains that followed, the last time bitcoin had such a rally, four years ago, it dropped roughly 30%. 

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too

Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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