BTC is currently trading around $21,600 and ETH around $1,700. Notable gainers in the last 24 hours are EVMOS, DCR, and ETC. The global crypto market cap is $1.09T, up 1.2% over the last day. DeFi Total Value Locked is ~$83b and BTC dominance is around 40%.
Notable news includes: President Biden announced a student-debt relief package that forgives up to $20,000 in loans for some recipients; Binance is helping the Philippines government formulate crypto regulations despite its contentious relationship with the country’s SEC; Brazil’s Senate is seeking to hire crypto and blockchain experts to advise on policy; a Bank of Finland governor said a digital euro could help facilitate pan-European services to consumers; Tether revealed it will not freeze Tornado Cash addresses without specific law enforcement orders; the Ethereum Foundation quadrupled its bug bounty to $1m ahead of The Merge; Coinbase launched its wrapped staked ETH ERC-20 token ahead of The Merge; Alameda Research’s co-CEO Sam Trabucco stepped down; Astar Network integrated Blockdaemon as a collator; Ripple partnered with global payments firm Tranglo to expand its on-demand liquidity solution to the UAE; Nvidia’s crypto mining chip revenue continued to fall; Bitcoin miner Argo cut its hashrate growth estimates by 42%; Siam Commercial Bank scrapped plans to purchase a $500m stake in Thailand’s largest crypto exchange; crypto ATM operator Bitcoin Depot to list on the Nasdaq via SPAC in an $885m deal; investment bank Cowen expanded its digital assets team; Bored Apes and Moonbirds will get playable avatars in new Sandbox season; ex-SEC Chair Clayton joined crypto investor Electric Capital as an advisor; Haun Ventures led a $24m round into web3 developer platform Thirdweb; and, a John Hopkins cryptography professor posted an “archival fork” of Tornado Cash’s source code to preserve it for “academic research and free speech”
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.
