BTC is currently trading around $30,100 and ETH around $1,900. Notable gainers in the last 24 hours are RNDR, CFX, and STX. The global crypto market cap is ~$1.28T, up ~4.5% over the last day. DeFi Total Value Locked is ~$52b and BTC dominance is around 49%.
It’s another slow morning with traditional markets little-changed ahead of tomorrow’s CPI release, Fed Meeting Minutes, and BoC interest rate decision. Conversely, crypto markets exhibit strong upward momentum, and prices have notably diverged from traditional risk assets behind more than $150m of short liquidations.
Notable news includes: Tether controversially blacklisted the MEV bot that back-ran other MEV searchers causing $25m in searcher losses; Coinbase’s head of exchange Vishal Gupta departed with plans to start a new crypto project; the Winklevosses reportedly lent $100m to Gemini; Etherscan reconfigured its block explorer settings to filter out scam transactions; Montengero’s central bank partnered with Ripple to develop a CBDC pilot; PROOF launched an exclusive NFT collection for Moonbirds holders; Bitcoin mining ASIC manufacturer Bitmain was reportedly fined for tax violations in China; FTX’s bankruptcy lawyers and advisors billed ~$33m in February; and, the Blockworks founder said he wouldn’t touch CryptoGPT with a 10-foot pole after it was revealed that the company raised capital from DWF at a $250m valuation.
This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the 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. The Firm is not and does not act as an advisor or fiduciary in providing this material.
This material is not a research report, and not subject to any 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 the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.
Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) 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. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.