Daily Market Update: Apr 24, 2023

April 24, 2023

BTC is currently trading around $27,600 and ETH around $1,850. Notable gainers in the last 24 hours are KAS, STX, and FXS. The global crypto market cap is ~$1.21T, down ~0.2% over the last day. DeFi Total Value Locked is ~$49b and BTC dominance is around 47%.

Markets are little changed this morning as investors prepare to digest a slew of earnings releases. Earnings are the week’s headline focus and will drive the development of near-term risk sentiment. Nearly ~45% of S&P 500 market cap reports this week, with Microsoft, Google, Facebook, and Amazon all reporting between Tuesday and Thursday. Economic data releases are minimal to start the week but will pick up in the latter half, with Core PCE and Q1 GDP in the U.S. and a BoJ Monetary Policy Statement across Thursday and Friday.

Notable news includes: Gemini revealed plans to launch a crypto derivatives platform outside the U.S.; Grimes said she’d split royalties down the middle with anyone who successfully creates an AI-generated song using her voice; a World Economic Forum promo video highlighted Bitcoin miner Crusoe, embracing the environmental benefits of Flare gas-based Bitcoin mining; KuCoin’s Twitter account was hacked but the exchange vouched to reimburse victims; Reddit and Stack Overflow will begin charging AI developers for access to their content; more Chinese government employees in Changshu will be enlisted in China’s digital yuan rollout; Erigon released a new testnet client software for Optimism; the UniSat Bitcoin Ordinals wallet was hit with a ‘large number’ of double-spend attacks; Web3 VC funding fell ~82% in Q1 versus 2022; and, several investment firms like DRW and Nascent denied investing in OPNX after the exchange disclosed their alleged backers.

Sign up to conveniently receive GSR crypto content in your inbox each morning.

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.