Daily Market Update: 8/31

August 31, 2022

BTC is currently trading around $20,300 and ETH around $1,600. Notable gainers in the last 24 hours are NEXO, BIT, and NEAR. The global crypto market cap is $1.04T, up 0.5% over the last day. DeFi Total Value Locked is ~$77b and BTC dominance is around 40%.

Notable news includes: Markets are largely flat and exhibiting minimal volatility despite Eurozone inflation reaching a new record high of 9.1%; Paraguay’s president squashed its crypto mining bill with a total veto citing high electricity consumption; Australia launched a research program to explore digital asset opportunities; South Korean city Busan tapped FTX to develop a local crypto exchange and promote blockchain businesses; Hodlnaut received interim judicial management and creditor protection via court order in Singapore; Nexo committed to a $50m token buyback program; Helium developers proposed a full migration to the Solana blockchain; BNB Chain introduced liquid staking; Tether promised an audit following criticisms from the Wall Street Journal; Compound discovered a bug in a new update that forced it to temporarily freeze the cETH market; Ethereum mining pool Ethermine opened a new ETH staking service; Bitcoin mining difficulty jumped ~9.3% to its highest level ever; SBI Crypto reportedly cut ties with Russian Bitcoin mining firm BitRiver; X2Y2 announced NFT royalty payments will be optional on its platform; PROOF raised $50m and announced that Moonbirds will be shifted to a fully-on chain NFT with the art constructed from the contract itself instead of pointing to an external URI; NFT security startup Tokenproof raised $5m; Luabase raised $4.5m to get scalable web3 data; sixteen suspects were arrested in South Korea for alleged ‘kimchi premium’ trading violations; a British national accused of involvement in the $4b OneCoin scam is facing extradition to the U.S.; and, Crypto.com accidentally sent an Australian woman $10.5m instead of her requested $100 refund. 

Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn

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.