Daily Market Update: August 14, 2023

August 14, 2023

BTC is currently trading around $29,300 and ETH around $1,850.  Notable gainers in the last 24 hours are HBAR, FXS, and APE.  The global crypto market cap is $1.22T, flat over the last day.  DeFi Total Value Locked is ~$42b and BTC dominance is around 50%.

Equity, bond, and crypto markets are mixed or little changed after a quiet weekend.  Investors this week will focus on several macro releases, including US retail sales, Canadian and UK inflation, Eurozone GDP, and the FOMC minutes.

Notable crypto news includes: The website of the Fed’s instant payment system FedNow added Dropp, a micropayments platform built on Hedera, to its service provider showcase section; crypto friendly bank Custodia announced that it is now accepting US dollar deposits and will soon custody bitcoin for customers in select US states; PayPal unveiled a new Cryptocurrencies Hub feature allowing users to engage in expanded digital asset transactions; the UK FCA has approved only 13% of the nearly 300 crypto companies that have applied for registration since 2020; a Bernstein report said a bitcoin spot ETF approval could power a new crypto cycle and predicted a spot bitcoin ETF could reach 10% of bitcoin’s market cap in 2-3 years; the SEC extended its review of the Ark 21Shares bitcoin ETF application and asked for public comments; a group of six law scholars filed an amicus brief in support of Coinbase in its dispute with the SEC; US Senator Lummis also filed an amicus brief in support of Coinbase; Reddit NFTs minted on Polygon surpassed 20m; the developer of the rug pulled memecoin BALD sent $12m in ETH from Base to Ethereum; former US President Trump holds $500,000 in crypto; and, SBF spent his third night in a notorious Brooklyn jail.

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.