Daily Market Update: April 15, 2024

April 15, 2024

BTC is currently trading around $63,900 and ETH around $3,100.  Notable gainers in the last 24 hours are CORE, ZBC, and NEO.  The global crypto market cap is $2.43T, up 0.1% over the last day.  DeFi Total Value Locked is ~$89b and BTC dominance is around 56%.

Crypto markets are recovering from a rocky weekend that started on Friday as falling equity markets, inflation fears, and heightened liquidations caused crypto to sell off.  Prices continued to decline further on Saturday with BTC falling below $62,000 as geopolitical tensions in the Middle East escalated between Iran and Israel.  Crypto prices have recovered off the lows, helped in part by strong US retail sales, though are struggling to regain their footing.  Looking ahead, its a particularly light week on the data front, though market participants will be watching speeches by various central bank leaders, the developing situation in the Middle East, and of course the coming Bitcoin halving that’s projected to occur on April 19th or 20th.

Notable news includes: UK Economic Secretary Afolami stated that the UK will introduce new legislation for cryptocurrencies and stablecoins by July; Norway passed data center legislation that requires miners to register with the government; Hong Kong regulators approved spot Bitcoin and Ethereum ETFs for at least three local issuers; the US spot Bitcoin ETFs saw $83m of net outflows last week; Germany’s LBBW bank revealed plans to offer crypto custody services; Coinbase filed an interlocutory appeal in a federal court to try to settle whether a token that trades on a secondary market is a security; OKX launched an Ethereum zero knowledge rollup; Bitcoin dominance hit a three-year high; Bitcoin inscription NFTs amounted to 55% of total NFT trades over the last week, outpacing Ethereum and Solana combined; Solana developers released a network update aimed at addressing recent congestion; Uniswap Labs raised its interface fee from 0.15% to 0.25% on an expanded set of token pairs for swaps conducted through its front end; and, Adidas partnered with fitness app Stepn to release limited edition NFTs and sneakers.

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

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.  GSR is not authorised or regulated in the UK by the Financial Conduct Authority.  The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services. 

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.