Market Update - Wednesday, March 11

Oil prices remain at $80, gold returns to $5,200, and Bitcoin surged to $71,000 before correcting to $70,000.

Hormuz Strait Update & Oil Price Movements:
- The U.S. has reportedly eliminated 16 Iranian minesweepers near the Hormuz Strait. Iran asserts it will not allow any oil tankers to pass.
- The U.S. Energy Secretary announced the successful escort of an oil tanker through Hormuz but later deleted the post, causing a ~17% fluctuation in U.S. oil prices.
- The International Energy Agency (IEA) has proposed releasing over 182 million barrels of oil from reserves to curb rising prices.
- At 7:30 PM today, the U.S. will release February's CPI data, with year-over-year CPI expected at 2.4% and core CPI at 2.5%.

ETF Spot Update for March 10:
- Bitcoin is up $61.1 million, with no data from BlackRock.
- Ethereum is up $12.6 million, with no data from BlackRock.
- Solana had no transactions.

SEC Chair Atkins is considering creating a joint memorandum with the CFTC to eliminate overlapping penalties.

The UK has labeled crypto as an "increasing risk" in its fraud strategy for 2026-2029, tightening FCA licensing requirements.

The Winklevoss twins transferred approximately $130 million in Bitcoin to a Gemini hot wallet, possibly indicating a sell-off. They still hold $764 million in Bitcoin.

The total value of tokenized stocks has surpassed $1 billion, with Ondo Finance (58%) and xStocks (24%) leading the market.

Starknet has launched the STRK20 token standard, which conceals addresses and transaction amounts for ERC-20 trades using ZK-proof, while remaining compatible with DeFi.
$BTC