BTC is currently trading around $21,700 and ETH around $1,550. Notable gainers in the last 24 hours are KLAY, FIL, and APT. The global crypto market cap is ~$1.04T, down ~1.5% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 44%.
It’s a mixed day for risk assets, with U.S. equities slightly higher while crypto and non-U.S. equities are generally lower. Tomorrow’s nonfarm payrolls release is particularly notable given the material upside surprise in January, and it will likely be a key variable as the Fed weighs between a 25 bp and 50 bp hike at its next meeting. Elsewhere, the Bank of Canada (BoC) held firm on its decision to pause rate hikes despite expectations for future hikes increasing in the U.S. The BoC became the first major central bank to pause hikes during this cycle.
Notable news includes: Silvergate announced it would wind down operations and liquidate its business, weakening the crypto ecosystem’s banking support; Biden’s upcoming budget proposal aims to double the capital gains tax rate and clamp down on crypto wash sales, but the proposal is not expected to gain sufficient support; SWIFT announced it would start the second phase of its pilot after determining there is value in a CBDC; Crypto.com revealed it can now only provide Euro-denominated banking services to users in the European Economic Area, the announcement comes after previously losing its ability to accept USD deposits; Amazon is expected to launch its NFT marketplace in April; Mastercard partnered with Bybit to introduce a new crypto-powered debit card; Gate similarly partnered with Visa to launch its own crypto debit card in Europe; Mt. Gox’s BTC repayment registration deadline was pushed into April; FTX reached a deal to sell its interest in Sequoia to Abu Dhabi’s investment arm; Proven raised $15m to develop a ZK-based proof-of-solvency protocol for CEXs and other centralized actors in crypto; and, a judge refused to consolidate class-action lawsuits against FTX.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, 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.