BTC is currently trading around $16,900 and ETH around $1,200. Notable gainers in the last 24 hours are TON, TKX, and ETC. The global crypto market cap is ~$845B, up ~0.1% over the last day. DeFi Total Value Locked is ~$40b and BTC dominance is around 42%.
Notable news includes: the largest Bitcoin miner by hash rate, Core Scientific, filed for bankruptcy with more than $1b of liabilities; competing Bitcoin miner Greenidge said its continued viability remains in ‘substantial doubt’; Gemini announced that a Genesis and DCG creditor committee proposed a plan to resolve the current liquidity issue and they expect a response this week; Celsius revealed it has attracted 30 potential bidders for various parts of its business; FTX unearthed ~$1b worth of assets, including ~$720m of cash spanning hundreds of bank accounts; SBF signed extradition papers and is set to return to the U.S. and face charges; 3Commas denied accusations that it leaked API data resulting in ~$15m of unauthorized trades; Coinbase’s stock fell to an all time low and is now valued less than the market cap of Dogecoin; Australian crypto exchange Swyftx abandoned its merger with trading platform Superhero; Uniswap partnered with Moonpay to allow users to buy cryptocurrencies on its web app via debit/credit cards and bank transfers; Aptos-based Mojito Market suspended operations because of the FTX crash; Dogecoin slid as Elon Musk confirmed he would eventually resign as CEO; the state of Alaska added ‘virtual currency’ to its regulatory regime; transactions of ‘designated crypto assets’ will be qualified for the Investment Manager Exemption in the U.K. from the 2022 tax year onward; the U.K.’s advertising regulator ruled against NFT promotions by Crypto.com; the floor price of Trump NFTs are down 70% from their peak; Christie’s NFT sales fell ~96% in 2022; and, wallets attributed to the defunct crypto exchange QuadrigaCX unexpectedly moved ~104 BTC, and the court appointed Trustee (Ernst & Young) confirmed they did not initiate the transfer but they did not comment further.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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.