Abstract cityscape reflections in windows on a modern steel and glass skyscraper

Trading Desk Market Update: 3/4

March 4, 2022

BTC is currently trading around $41,500 and ETH around $2,750.  Notable gainers in the last 24 hours are JUNO, WAVES, and CELO.  The global crypto market cap is $1.91T, down 4.3% over the last day.  DeFi Total Value Locked is ~$203b and BTC dominance is around 44%.

Equity and crypto markets are down as the fighting in Ukraine continues.  Ukraine’s largest power plant caught on fire after Russian forces reportedly intentionally fired at it.  Elsewhere, investors are eyeing the US employment report and the associated average hourly earnings due out shortly.

In other news: The Swiss city of Lugano has announced that it will recognize BTC, USDT, and its own LVGA Points token as “de facto” legal tender; Brazil’s central bank has selected nine projects to move forward in its quest to develop a CBDC; The US SEC is considering crypto recommendations for its custody rule; The US Department of Justice is creating a task force to enforce Russia sanctions, including targeting efforts to use crypto to avoid them; MetaMask has blocked Ethereum transactions in several jurisdictions citing compliance issues; and, DEX aggregator 1inch has introduced P2P order functionality.

This material is a product of the GSR Sales and Trading Department. It is not a product of a Research Department, not a research report, and not subject to all of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with your interests. The Firm trades instruments discussed in this material for its own account. The author may have consulted with the Firm’s traders and other personnel, who may have already traded based on the views expressed in this material, may trade contrary to the views expressed in this material, and may have positions in other instruments discussed herein. This material is intended only for institutional investors. Solely for purposes of the CFTC’s rules and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and should not be considered to be a derivatives research report.This material is provided solely for informational purposes, is intended for your use only and does not constitute an offer or commitment, a solicitation of an offer or comment (except as noted for CFTC purposes), or any advice or recommendation, to enter into or conclude any transaction (whether on the indicative terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. Information is based on sources considered to be reliable, but not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. GSR will not be liable whatsoever for any direct or consequential loss arising from the use of this Information. Copyright of this Information belongs to GSR. Neither this Information nor any copy thereof may be taken or rented or redistributed, directly or indirectly, without prior written permission of GSR. Not a solicitation to U.S. Entities or individuals for securities in any form. If you are such an entity, you must close this page.