BTC is currently trading around $19,900 and ETH around $1,550. Notable gainers in the last 24 hours are CEL, EVMOS, and XEC. The global crypto market cap is $1.02T, down 1.8% over the last day. DeFi Total Value Locked is ~$77b and BTC dominance is around 40%.
Equities, crypto, and bonds are falling in unison this morning behind renewed China lockdown concerns and central bank hawkishness. China announced a new lockdown of Chengdu, the capital of its Sichuan province with more than 21 million residents, as the metropolis embarks on a four-day citywide Covid-19 testing endeavor. Uncertainty remains on the duration of the lockdown if the test results come back worse than expected. Further adding to market tensions, Cleveland Fed President Loretta Mester, a voting member of the FOMC, made a series of hawkish comments yesterday. Mester noted that she sees interest rates “somewhat above 4% by early next year,” further commenting that they will need to stay there and that she does not anticipate any rate cuts in 2023.
Notable news includes: Georgia proposed a bill that would adopt EU crypto standards for AML; EU lawmakers voted against conducting a study on the purported negative environmental implications of crypto mining; California’s State Assembly passed a bill for licensing and regulating crypto firms; the Indonesian government reiterated its plans to set up a digital assets exchange by end of year; Washington D.C. alleged that Michael Saylor and MicroStrategy evaded over $25m in taxes; Ripple’s plan to tokenize Colombian land stalled amid a new administration; Crypto.com pulled the plug on its nearly $500m Champions League sponsorship deal; Binance froze a Russian gun maker’s crypto assets amid Ukrainian pressure; Bybit expanded its spot USDC trading pairs and made auto conversions available between dollars and USDC; Ethereum rollup provider Arbitrum completed its Nitro upgrade bringing faster transactions with lower fees and a better UX for developers; Curve’s founder said its crvUSD stablecoin could launch as early as next month; a16z devised a new set of six licenses tailored to NFTs based on the creative commons model; Unstoppable Domains launched an encrypted email service; Socios extended its Argentina soccer deal; hardware wallet Trezor enabled direct crypto purchases with MoonPay; Credit Suisse held ~$31m in digital assets for clients last quarter; crypto lawyer Kyle Roche pulled out of lawsuits against Tether, Binance, and other major crypto companies in the days following the leaked videos purporting he had an improper legal relationship with Ava Labs; Compass mining is closing its Georgia facilities as energy prices soar; PrimeBlock’s CEO departed the firm following its cancelled SPAC; crypto asset manager Babylon Finance will shutdown after failing to recover from the Rari hack; OpenSea committed to ‘solely supporting’ Ethereum NFT’s on its proof-of-stake blockchain following The Merge; Mythical Games unveiled plans to build an Ethereum-compatible chain; Twitter reinstated multiple Solana-based NFT accounts after the Solana Foundation threatened that it would pull ad spend unless an explanation was provided; Hermès unveiled plans for metaverse fashion shows; Ticketmaster selected Flow blockchain for minting NFT tickets; a 1/1 NFT ticket to have a beer with Bill Murray sold for ~119 ETH in a charity auction; GoGoPool raised $5m to provide decentralized staking on Avalanche; creator-owned live streaming platform Stacked raised $13m in a round led by Pantera; and, a fake Google Translate app installed Monero mining software on ~112k computers.
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.