Gate Research: ETH Outperforms BTC | Latin America’s Stablecoin Tax Debate

Crypto Market Overview

• BTC (+2.44% | Current Price: $72,570): BTC has rebounded to around $72,000, with short-term buying continuing to test higher levels. Technically, BTC reached $73,197 within 24 hours but failed to hold above that range, as selling pressure persists overhead. The current movement resembles sideways consolidation during a rebound. There are no new negative fundamentals, but unless trading volume expands, the short-term outlook will likely remain characterized by high-level volatility and range trading.

• ETH (+4.63% | Current Price: $2,179): ETH’s rebound this cycle has outperformed BTC, moving back above $2,100. Compared to previous prolonged downward pressure, this recovery signals a temporary return of risk appetite. On the candlestick chart, ETH surged rapidly from around $2,080, but faces clear short-term resistance near $2,200. Without sustained breakout volume, capital is likely to remain focused on trading. If ETH/BTC relative strength continues to improve, the rebound may persist; otherwise, ETH could revert to its previous range.

• Altcoins: The rebound remains concentrated in major assets, while altcoins are showing more structural rotation. The Fear & Greed Index currently stands at 23, signaling extreme fear. Although this represents a notable recovery from earlier levels, overall risk appetite has not yet entered an expansion phase.

• Macro: On March 13, the S&P 500 fell 0.61% to 6,632.19; the Dow Jones dropped 0.26% to 46,558.47; the Nasdaq declined 0.93% to 22,105.36. As of March 16, 9:17 AM (UTC+8), spot gold was quoted at $4,988.8 per ounce, down 0.62% over 24 hours.

Trending Tokens

DKA dKargo (+43.34%, Circulating Market Cap: $34.225 million)

Gate market data shows DKA is currently quoted at $0.006588, up 43.34% in 24 hours. dKargo is a data collaboration network for the logistics industry, aiming to optimize transparency, verification, and sharing efficiency of logistics data through blockchain technology. DKA is primarily used for ecosystem incentives and governance.

This rally represents a rapid revaluation of low-priced thematic assets as risk appetite recovers. Previous price compression was deep, and after holdings concentrated, even modest new capital quickly amplified gains. On the chart, DKA’s upward movement is accompanied by significant turnover, indicating genuine trading participation rather than a simple price spike. If trading enthusiasm fails to persist, the short-term is likely to transition from accelerated gains to volatile decline.

G Gravity (+30.98%, Circulating Market Cap: $32.446 million)

Gate market data shows G is quoted at $0.004456, up 30.98% in 24 hours. Gravity is a public chain and cross-chain infrastructure project extending from the Galxe ecosystem, designed to support cross-chain identity, interaction, and asset transfer.

The rally is mainly driven by rotation and recovery in the infrastructure sector, as well as renewed market focus on cross-chain and interoperability narratives. On the chart, G’s rise is not a single sentiment-driven spike but resembles a sustained climb propelled by trend-following capital. As a mid-to-small cap asset, its price remains highly sensitive to new capital inflows.

NOS Nosana (+25.81%, Circulating Market Cap: $20.608 million)

Gate market data shows NOS is quoted at $0.2481, up 25.81% in 24 hours. Nosana is a decentralized GPU computing marketplace built on Solana, focusing on AI inference and compute distribution. NOS is used for network payments, node incentives, and governance.

This rally is tied to renewed interest in AI infrastructure and decentralized compute narratives. As the market shifts from pure AI memes and short-term trading back to sectors with real application potential, AI infrastructure assets like NOS are more likely to attract capital. On the candlestick chart, price has surged rapidly from lows and maintained high turnover, with growing divergence between bulls and bears. If the Crypto + AI narrative continues to gain traction, NOS still has room to advance; if sector momentum fades, price could quickly retrace.

Alpha Analysis

Brazilian Industry Unites Against Expanding Financial Transaction Tax to Stablecoins, Latin American Stablecoin Payments Enter Policy Debate

Representatives from Brazil’s crypto and fintech industry organizations, covering around 850 companies, have jointly opposed expanding the IOF financial transaction tax to stablecoin operations. These groups argue that stablecoins should not be treated the same as traditional fiat transactions; direct inclusion in the tax scope would raise payment and remittance costs and may conflict with the local virtual asset legal framework. For the market, this marks a regulatory crossroads—whether stablecoins in emerging markets are seen as payment tools or as foreign exchange-like assets.

Latin America is already one of the most active regions for stablecoin cross-border payments and value transfer. If the tax framework tightens, industry business models will be directly reshaped. In the short term, the market will reassess compliance costs and usage thresholds for stablecoins in high inflation and high exchange rate volatility regions. In the medium term, clearer regulatory categorization could benefit platforms with true payment and settlement capabilities. The next phase of stablecoin competition is not just about on-chain circulation, but about policy adaptation and payment compliance capabilities.

Nasdaq and Traditional Exchange Operators Accelerate Stock Tokenization Distribution, Securities Markets Move Toward Channel Restructuring

Nasdaq and traditional exchange operators are accelerating cooperation with crypto platforms to advance stock tokenization distribution and build a 24/7 trading framework. Compared to previous focus on product concepts and pilot programs, the market is now prioritizing questions of distribution, trading, and settlement, with tokenized stocks entering issues closer to real market structure.

The competitive boundaries of traditional securities infrastructure are shifting, and the division of roles among exchanges, brokers, and crypto platforms may be redefined. In the short term, this will continue to raise market attention toward tokenized stocks, on-chain settlement, and round-the-clock trading systems. If distribution channels, settlement arrangements, and real ownership mapping are successfully established, the pace of stock tokenization may exceed prior market expectations.

Payment Stablecoins See Looser Net Capital Treatment, Stablecoins Further Integrate Into Regulated Financial System

Legal and regulatory updates show substantive changes in market expectations regarding the treatment of payment stablecoins under broker-dealer net capital rules. Compliant payment stablecoins are increasingly recognized as highly liquid assets under certain conditions, with their risk discounts and capital requirements gradually aligning with traditional high-liquidity assets. While this change occurs at the technical regulatory level, its impact is significant because it affects whether financial institutions can more naturally integrate stablecoins into payment, settlement, and client asset management frameworks.

From an industry perspective, this shift means the competitive logic of stablecoins is moving further toward institutional accessibility. The market will place greater emphasis on stablecoin reserve quality, audit transparency, redemption arrangements, and operational compliance, as these factors determine who can truly enter regulated institutions’ balance sheets. Once stablecoins achieve a stable position in capital rules and accounting treatment, their infrastructure role in payments, settlements, and tokenized asset flows will be further strengthened.

References:

• Gate, https://www.gate.com/trade/BTC_USDT

• Farside Investors, https://farside.co.uk/btc/

• Gate,https://www.gate.com/trade/ETH_USDT

• Farside Investors, https://farside.co.uk/eth/

• Gate, https://www.gate.com/crypto-market-data

• CoinDesk, https://www.coindesk.com/business/2026/03/14/brazil-industry-giants-representing-850-companies-decry-stablecoin-tax-threat

• CoinDesk, https://www.coindesk.com/business/2026/03/15/here-is-why-nasdaq-and-owner-of-nyse-are-putting-the-usd126-trillion-equity-market-on-blockchain

• National Law Review, https://natlawreview.com/article/penalty-parity-sec-rethinks-stablecoin-risk

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