Daily Market Update: 9/27

September 27, 2022

BTC is currently trading around $20,300 and ETH around $1,400. Notable gainers in the last 24 hours are UNI, GMT, and MKR. The global crypto market cap is ~$1.02T, up 4.6% over the last day. DeFi Total Value Locked is ~$73b and BTC dominance is around 41%.

Global equities are bouncing as dip buyers emerged following the worst close for many U.S. equity indexes in nearly two years. Crypto markets are similarly catching a risk-on bounce. Global bond performance is mixed, but yield curves are generally steepening and clawing back the degree of inversion.  

Notable news includes: a new whitepaper proposed major changes to the utility of the Cosmos Hub and the ATOM token; Walmart launched two worlds in Roblox as a testing ground for the metaverse; Cambridge University research alleged that the sustainability mix of electricity powering Bitcoin miners might be declining; crypto lender Nexo faced a cease-and-desist order from California; FTX US will acquire Voyager Digital’s crypto assets; crypto derivatives exchange Deribit reportedly raised funds from existing investors at a $400m valuation; NFT game Pixelmon is attempting a comeback after its laughable art reveal in February; Art Blocks announced it’s winding down its Curated series; London-based asset manager Fasanara Capital established a $350m crypto VC fund; and, prosecutors have reportedly asked KuCoin and OKX to freeze $67m worth of bitcoin associated with Do Kwon and LFG.

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.