Daily Market Update: Apr 17, 2023

April 17, 2023

BTC is currently trading around $29,400 and ETH around $2,100. Notable gainers in the last 24 hours are RNDR, AVAX, and INJ. The global crypto market cap is ~$1.30T, down ~1.5% over the last day. DeFi Total Value Locked is ~$53b and BTC dominance is around 47%.

Traditional market performance is muted, while crypto is seeing a slight reversal in recent strength. China’s Q1 GDP and Industrial Production (Mar.) will come this evening, U.K. and Eurozone CPI will follow on Wednesday, and notes of the ECB’s latest Monetary Policy Meeting will arrive on Thursday. Lastly, earnings continue to be a focus, with several big-name reports each day this week.

Notable news includes: The SEC announced it would revisit an expansion of the definition of an ‘exchange’, sparking a swift response from Commissioner Peirce that the overly broad proposal “undermines fundamental First Amendment protections” and would stymie crypto innovation; a new draft stablecoin bill was posted ahead of Wednesday’s Financial Service Committee hearing on the topic; Bittrex reportedly received a Wells Notice from the SEC despite announcing its forthcoming U.S.-shutdown; a U.S. Congressman announced his plans to attempt and remove SEC Chair Gensler from his post; Bitcoin miner Bitdeer’s stock slumped more than 30% during its first day of trading; Amber Group is weighing a sale of its Japan unit; more than 1m ETH has now been withdrawn since Shapella; TUSD announced its integration with BNB Chain; Shaq was finally served in the FTX lawsuit after “months of running”; and, the Silk Road Bitcoin thief once worth ~$3.4b received a one-year prison sentence.

Authors:
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.