BTC is currently trading around $19,200 and ETH around $1,300. Notable gainers in the last 24 hours are EGLD, UNI, and MKR. The global crypto market cap is ~$967B, down 0.1% over the last day. DeFi Total Value Locked is ~$71b and BTC dominance is around 41%.
Global equities are mixed, with many developed international markets down slightly while U.S. markets opened strongly. Bearish market sentiment was palpable over the weekend as timelines were abundant with Lehman rhetoric driven by concerns over Credit Suisse as the firm reevaluates its strategic position and looks to raise capital. Despite a slew of hyperbolic predictions, broader risk markets have so far brushed them aside and do not depict any contagion. Elsewhere in macro markets, U.K. PM Truss pivoted on her tax cut plans, which were a key contributor to last week’s market challenges and required an emergency response from the BoE. On the data front, the week is front-loaded with PMI releases, while jobs data will round out the week with non-farm payrolls on Friday.
Notable news includes: U.S. Senator Hagerty proposed a bill that would protect crypto exchanges from SEC overreach; T-Mobile’s parent company Deutsche Telekom launched an Ethereum validator and staking services; CME Group proposed direct derivatives trading following FTX U.S.’ proposal; Coinbase suffered a major outage for customers with U.S. bank accounts on Sunday; the Solana network was temporarily down as a misconfigured node created an unrecoverable fork; Ethereum censorship concerns remain elevated as blocks produced by Flashbots account for nearly 40% of all Ethereum blocks proposed; SushiSwap elected a new head chef; DeFiance Capital is raising $100m to invest in liquid tokens; and, Kim Kardashian settled charges with the SEC over an Instagram promotion for EthereumMax.
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.