BTC is currently trading around $21,100 and ETH around $1,700. Notable gainers in the last 24 hours are LUNA, RVN, and OKB. The global crypto market cap is $1.09T, up 6.4% over the last day. DeFi Total Value Locked is ~$77b and BTC dominance is around 40%.
Equity and crypto markets are rallying, coinciding with a reprieve in US dollar strength following yesterday’s ECB hike and comments from Japan’s top currency official that “all options” are being considered to stem weakness in the yen. Notably, the rally in crypto is occurring despite a speech from SEC Chair Gensler where he stated that the “vast majority” of cryptocurrency tokens are securities, and despite a report from the White House concluding that the amount of electricity used by cryptocurrencies exacerbates climate change.
Other notable news includes: The US SEC revealed plans to form a new office for crypto disclosures; The US Treasury will allegedly advise the federal government to issue a CBDC if it is in the national interest; The UK Economic Secretary of the Treasury expressed a desire for the UK to be the “dominant global hub for crypto technologies” under newly-elected Prime Minister Truss; financed by Coinbase, six Ethereum and Tornado Cash users sued the US Treasury over its recent sanctions of the crypto mixer; investment manager Fidelity will begin offering retail customers bitcoin trading starting in November; asset manager Franklin Templeton announced plans to offer two digital asset separately managed account strategies through Eaglebrook Advisors; Singapore’s Whampoa Group revealed plans to raise funds for a $50m crypto hedge fund and to allocate $100m to crypto venture investments; Puma launched an interactive metaverse named Black Station to showcase limited edition NFTs of its sneakers; Ford has filed trademark applications covering virtual automobiles and clothing for its brands as well as an online NFT marketplace; crypto exchange Huobi received regulatory approval in the British Virgin Islands; FTX Ventures reportedly acquired a 30% stake in SkyBridge Capital; bitcoin miner CleanSpark will buy Mawson’s Georgia mining facility and rigs for up to $43m; a vulnerability was discovered and patched that could have taken down the Avalanche Network; the daily average unique wallets interacting with DeFi increased 4% in August, the first increase since May; Sorare partnered with the NBA to launch digital collectable-based fantasy basketball games; and, crypto markets have seen a flood of Queen Elizabeth memecoins and NFTs after her passing.
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.
