BTC is currently trading around $29,300 and ETH around $2,000. Notable gainers in the last 24 hours are ZIL, SNX, and BTT. The global crypto market cap is ~$1.28T, down ~4.3% over the last day. DeFi Total Value Locked is ~$52b and BTC dominance is around 48%.
Risk sentiment soured this morning, with crypto and equities retracing recent gains. U.K. inflation came in stickier-than-expected at 10.1%, while eurozone inflation was in line at 6.9%; both releases still reiterated the broader disinflationary trend, however. Crypto performance is down more than 4x that of stocks as ~$210m of longs were liquidated over the past day.
Notable news includes: Gary Gensler refused to answer if ETH is a security during Congressional testimony; an eToro executive confirmed its deal with Twitter is just a marketing deal that directs users to eToro but doesn’t directly enable trading on Twitter; Optimisms’ OP token rallied as an a16z engineer sent a cryptic tweet hinting at a new OP Stack chain; Rocket Pool enabled its Atlas upgrade, reducing node operator capital requirements and decreasing the fees paid by ETH stakers; Lido is weighing the use of its ARB airdrop to incentivize wstETH liquidity on Arbitrum; Helium began its migration to Solana; the jaredfromsubway.eth MEV sandwich bot spent ~500 ETH on gas yesterday, accounting for more than 7% of all gas spent on Ethereum; and, rare Pokemon cards were allegedly stolen directly from the production line, highlighting the benefits enabled by NFTs and credibly-neutral code.
Sign up to conveniently receive GSR crypto content in your inbox each morning.
Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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.
