Daily Market Update: April 2, 2024

April 2, 2024

BTC is currently trading around $65,800 and ETH around $3,300.  Notable gainers in the last 24 hours are CORE, TAO, and BGB.  The global crypto market cap is $2.61T, down 5.4% over the last day.  DeFi Total Value Locked is ~$95b and BTC dominance is around 54%.

Traditional equity markets are lower after last week’s persistent US inflation readings combined with yesterday’s solid manufacturing data that is causing some to question whether the Fed will indeed cut rates at its June meeting.  While this is weighing on crypto as well, the larger factor is likely yesterday’s net outflow from the spot Bitcoin ETFs, which was its first since March 22 and totaled $86m.  The drawdown in price has also caused over $500m in total crypto market liquidations over the last day.

Notable news includes: Singapore’s MAS significantly amended its Payments Service Act to incorporate custodial services, the transmission of crypto between accounts and exchanges, and cross-border money transfers; Indian media outlets partnered with Numbers Protocol to verify the authenticity of general election news; Binance formed a seven member board of directors; Crypto.com announced it will open up trading to South Korean retail investors at the end of this month; Deribit announced it will relocate its global headquarters from Panama to Dubai after it received a conditional virtual asset service provider license from Dubai; crypto VC funding surged 53% in March from February; Solana DeFi trading volume hit an all-time high amidst the memecoin frenzy; Tether completed a SOC 2 Type 1 security audit; and, SBF spoke out for the first time since his sentencing, stating that he did not know what he did was illegal.

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

Author:
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.