Daily Market Update: Dec 14, 2022

December 14, 2022

BTC is currently trading around $17,900 and ETH around $1,350. Notable gainers in the last 24 hours are TON, RUNE, and XRD. The global crypto market cap is ~$912B, up ~1.4% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 41%.

It’s a calm start to the day with little movement across traditional markets heading into the Fed’s interest rate decision and subsequent press conference beginning at 2 pm EST. Forgoing any deviations from the expected 50 bp hike, investors will carefully dissect the verbiage in the statement and press conference to gauge the anticipated trajectory of future hikes. In other data releases, U.K. inflation came in beneath its November peak (11.1%), beating consensus expectations as it fell to 10.7% versus the 10.9% expected. 

Notable news includes: Apple will reportedly allow external app stores on iOS 17 due to EU regulation; a judge approved the sale of Celsius’s self-custody platform to Galaxy Digital; Tether revealed it will reduce secured loans to zero next year; BUSD supply dipped below $20b as Binance was hit with a wave of withdrawals topping $3.6b over the last week; Binance resumed USDC withdrawals after a temporary pause; ConsenSys launched a zkEVM private beta testnet; Ledger integrated a DeFi tracking feature for its hardware wallets; Anchorage landed a $100m custody opportunity from M31 Capital; CowSwap launched ‘surplus-capturing’ limit orders; GBTC’s discount grew to a record ~50%; and a Bahamas’ Magistrate Court judge denied SBF’s request for bail.

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TelegramLinkedIn

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.