Daily Market Update: 9/2

September 2, 2022

BTC is currently trading around $20,300 and ETH around $1,650. Notable gainers in the last 24 hours are CEL, DCR, and BIT. The global crypto market cap is $1.04T, up 2.2% over the last day. DeFi Total Value Locked is ~$77b and BTC dominance is around 40%.

Markets started the morning roughly flat but bounced higher after the jobs data was released at 8:30 am EST. While August’s headline nonfarm payroll number was tighter than expected, payrolls from June and July were revised downward by ~107k in aggregate, and the unemployment rate came in higher than expectations at 3.7%. Overall, the release paints a less rosy picture of the jobs market than previously illustrated, which could result in the Fed slowing or reversing its rate hiking trajectory should unemployment continue to rise. Equities, crypto, and bonds all moved higher on the release. 

Notable news includes: the text underlying the EU’s MiCA legislation is expected to be ready within six weeks; the CFTC and SEC opened comments on a proposal to amend crypto reporting rules for large hedge funds; Thailand toughened its rules on crypto ads; El Salvador delayed the launch of its bitcoin bond again, but they noted that Bitcoin Beach would be covered in the country’s tourism spending package; the Monetary Authority of Singapore noted it does not see a ‘compelling case’ for a retail CBDC; the U.S. asked Binance for documents pertaining to a money laundering probe; former CFTC commissioner Jill Sommers joined FTX US Derivatives’ board; a mispricing of Georgia’s national currency on Coinbase allowed ~1,000 local customers to withdraw assets at an exchange rate inflated by 100x; Brazil’s crypto exchange unicorn 2TM went through its second round of layoffs; SnapChat disbanded its web3 team in its most recent layoffs; Ethereum’s futures basis indicated an ETHPoW fork may trade at ~1.5% of ETH’s price; DyDx scrapped its deposit bonus for users participating in ‘liveness checks’ amid community backlash; DEX aggregator 1inch announced it would retrospectively airdrop 300k OP tokens to 1inch wallet users on the Optimism network; crypto bank Sygnum revealed plans to open a metaverse hub in Decentraland; a new Otherside clip from Yuga Labs teased a dark backstory for Kodas, which are a rare creature in the Yuga ecosystem that surprisingly little information is known about; decentralized NFT marketplace Sudoswap announced an upcoming airdrop; ConsenSys announced the release of sustainable NFTs to celebrate the Ethereum Merge; the Macalinao brothers departed from their new VC firm after CoinDesk’s exposé that covered their use of multiple identities to optically boost Solana’s developer activity; Mayo Clinic tapped into blockchain technology for clinical trial design; Vitalik Buterin noted long-term concerns about bitcoin’s fee model; 62% of Bitcoin wallets did not sell any bitcoin during the past year; and, KyberSwap’s front-end was exploited for ~$265k, and the team announced it would pay a 15% bounty if the funds are returned. 

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TelegramLinkedIn

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.