BTC is currently trading around $21,700 and ETH around $1,700. Notable gainers in the last 24 hours are SNX, HT, and AAVE. The global crypto market cap is $1.09T, down 0.2% over the last day. DeFi Total Value Locked is ~$82b and BTC dominance is around 41%.
Market volatility remains muted heading into Fed Chair Powell’s keynote speech at Jackson Hole this morning at 10:00 am EST. Fed funds futures are pricing in a slight edge towards a 75-basis-point hike instead of 50 basis points at the September FOMC meeting. All eyes will be on Powell as investors seek insights into the longer-term rate hike trajectory.
Notable news includes: amendments to the U.S. commercial code differentiate crypto from ‘electronic money’; Japan is reportedly evaluating corporate crypto tax breaks to entice startups; similar to Coinbase, Binance announced it will suspend ETH and ERC-20 deposits and withdrawals during The Merge; Binance further revealed it will support a forked version of Ethereum by crediting users accounts for the forked balances, but it did not confirm it will list the token and reiterated that the fork would need to meet its strict listing criteria; Zipmex appointed restructuring firm KordaMentha to oversee a recovery plan; Coinbase added nano ETH futures to its derivatives platform for retail traders; Coinbase also launched a voter registration tool and a crypto policy education initiative ahead of midterm elections; Mastercard unveiled a partnership with Binance to enable customers to make crypto payments for everyday purchases; CBOE Digital Markets named Jump Crypto, GSR, and others among its expected equity partners; The Graph added Gnosis Chain to its decentralized blockchain indexing protocol; the Waves-backed USDN algorithmic stablecoin once again broke its peg amid a protocol upgrade; CME Bitcoin futures realized a record pricing discount to spot; Rocket Pool incentivized rETH liquidity in a bid to narrow its gap versus Lido; crypto infrastructure provider Alchemy acquired Ethereum coding platform ChainShot; Bitcoin miner Riot countersued its hosting client GMO Internet over a pricing dispute; Alameda Research and FTX merged their VC operations; Polygon’s founder launched a $50m early-stage web3 fund; crypto venture firm Hashed tapped an ex-South Korean finance official to lead its new research institute; the SEC delayed VanEck’s Bitcoin ETF application; crypto-native messaging platform Comm raised a $5m seed round; blockchain explorer SolanaFM raised $4.5m to expand to Aptos; and, Eminem and Snoop Dogg will perform at MTV’s Video Music Awards in a performance inspired by the Otherside metaverse and BAYC NFTs.
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.
