BTC is currently trading around $16,700 and ETH around $1,200. Notable gainers in the last 24 hours are XAUT, ICP, and CSPR. The global crypto market cap is ~$837B, down ~0.8% over the last day. DeFi Total Value Locked is ~$39b and BTC dominance is around 42%.
Notable news includes: the Justice Department launched a criminal probe into FTX’s ~$400m hack; MicroStrategy sold its first bitcoin to harvest tax losses, but the filing indicates ~2.5k bitcoin were still added on a net basis since November 1st; Galaxy acquired Argo’s Helios mining facility and it will sell hosting services to Argo; Nexo claimed its takeover of troubled crypto lender Vauld is still going forward as the deadline approaches; Kraken announced it will shut down operations in Japan; Coinbase’s stock reached a new all time low; wallets affiliated with the collapsed trading firm Alameda Research began using mixers to swap ETH for BTC in a fashion likely inconsistent with court-appointed liquidators; SBF reportedly borrowed ~$546m from Alameda to fund his Robinhood share purchase; FTX customers filed a class-action lawsuit to get priority reparations; investors sued Gemini over the withdrawal freeze on its Gemini Earn program; Pudgy Penguins NFTs reached a record high ETH-denominated floor price; the North Korea-linked Lazarus group has begun posing as VC firms to spread malware; and, Avraham Eisenberg, the Mango Markets exploiter was arrested in Puerto Rico on commodities fraud charges.
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.