Daily Market Update: Apr 14, 2023

April 14, 2023

BTC is currently trading around $30,700 and ETH around $2,100. Notable gainers in the last 24 hours are INJ, ARB, and RPL. The global crypto market cap is ~$1.33T, up ~2.6% over the last day. DeFi Total Value Locked is ~$54b and BTC dominance is around 48%.

Equities are returning some of yesterday’s gains, while crypto continues to trot higher behind post-Shapella Ethereum strength. Retail sales came in slower than expected, but investors aren’t anticipating any impact to the Fed’s trajectory as rates rallied nonetheless. It’s a big day for financials earnings, with JPMorgan, Wells Fargo, and Citi all beating expectations largely due to the positive interest rate backdrop.

Notable news includes: Solana’s crypto-ready Saga smartphone goes on sale May 8th; Uniswap’s wallet app was approved by Apple and is now available in the app store in most countries; Bitrue’s hot wallet was exploited for ~$23m; Ethereum withdrawal requests have flat lined since yesterday, and the total time to exit currently sits at ~12 days on average; Chia Network submitted a registration to the SEC for a proposed IPO; the Arbitrum proposal to return ~$1b in governance token is expected to fail; zkSync jumped to ~$250m of TVL; Gemini filed for pre-registration in Canada; Canon is launching an Ethereum-based photo NFT marketplace called Cadabra; MonkeDAO plans to buy the rights to the Solana Monkey Business NFT collection for $2m; and, a prominent BAYC whale known as Franklin sold 27 apes after claiming he was a victim to a $4m rug pull.

Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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.