BTC is currently trading around $19,100 and ETH around $1,300. Notable gainers in the last 24 hours are QNT, XRD, and LUNC. The global crypto market cap is ~$964B, down 5.1% over the last day. DeFi Total Value Locked is ~$71b and BTC dominance is around 41%.
Risk markets reversed early gains yesterday following comments from Fed officials Bullard, Evans, and Kashkari that broadly reiterated Powell’s hawkish stance. Yields continue to move higher as a result, with the U.S. 10Y briefly topping 4% before reversing lower this morning. Elsewhere in monetary policy, the BoE intervened yesterday in response to the new government’s fiscal stimulus plans, announcing it would delay its quantitative tightening measures and temporarily buy long-dated bonds. The announcement sparked a material flattening of the Gilt yield curve as long-dated yields plummeted. It’s another busy day for central bank officials across the Fed and the ECB, with numerous speeches on the docket. In equities, markets are reacting negatively to a leak that Apple told suppliers to halt plans to increase iPhone 14 production.
Notable news includes: The CFTC served defendants of Ooki DAO by posting to its online governance forum, a novel approach it’s hoping the court will approve under the unique circumstances; The BIS deemed a multi-jurisdictional CBDC pilot a success after a month-long test that facilitated $22m of cross-border transactions; Celsius’ CEO resigned; FTX US’ CEO resigned, and the firm announced a transition from Chicago to Miami; decentralized structured products protocol Ribbon Finance announced its launch of an options exchange; Betterment partnered with Gemini to offer customized crypto portfolios; Bitmain’s founder is reportedly launching a $250m fund to buy distressed Bitcoin mining assets; and, Pantera is seeking to raise $1.25b for a second blockchain fund.
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.