BTC is currently trading around $17,000 and ETH around $1,250. Notable gainers in the last 24 hours are TON, BSV, and STX. The global crypto market cap is ~$879B, down ~1.4% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 41%.
Global equities are mixed, with U.S. equities moving higher while Asian and European markets are down. Elsewhere, bonds are moving slightly higher while crypto is down. U.K. GDP came in slightly above expectation this morning, but overall it’s a slow day to start a loaded week of data releases. The week features a slew of speeches from global central bank officials, including Powell, Lagarde, and Bailey. U.S. and German CPI will come out tomorrow, with U.K. CPI following the day after. The week’s headline event is the Fed’s interest rate decision and the release of its updated dot plot on Wednesday. The ECB, BoE, and Swiss National Bank will follow with interest rate decisions on Thursday. Eurozone CPI and a set of PMI releases in the U.K. and Germany will conclude the week. Expectations are for the Fed to hike rates by a lower-than-trend 50 bps, and Fed Funds futures are pricing in ~77% chance of this currently with a ~23% chance of a surprise 75 bp hike.
Notable news includes: the U.S. Justice Department is reportedly weighing charges against Binance for possible money laundering and sanctions violations; The Block’s CEO resigned following evidence that a loan from Sam Bankman-Fried financed last year’s management buyout, sparking concerns that the research and news functions were not impartial; the SEC filed its first legal brief in the lawsuit put forth by Grayscale after having its GBTC ETF-conversion application rejected; FalconX revealed its FTX exposure represented ~18% of its unencumbered cash equivalents; Amber Group owes the troubled crypto lender Vauld’s CEO $130m; OFAC-compliant Ethereum blocks are dipping as more non-censoring relays come online; the Tron-backed USDD stablecoin lost its dollar peg and dipped below $0.97; OpenSea revealed plans to transfer control of its royalty enforcement tool to an industry collective; Starbucks rolled out beta testing on its new Polygon-powered NFT rewards program; shares of Bitcoin miner Argo were suspended in the U.S. and U.K. as many speculate a forthcoming bankruptcy announcement; Lodestar Finance was exploited in a flash loan attack; and, South Korean authorities claimed Do Kwon is in Serbia or recently left to a neighboring country.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the 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. The Firm is not and does not act as an advisor or fiduciary in providing this material.
This material is not a research report, and not subject to any 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 the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.
Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) 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. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.