BTC is currently trading around $16,900 and ETH around $1,250. Notable gainers in the last 24 hours are XRD, FXS, and SNX. The global crypto market cap is ~$878B, down ~1.4% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 41%.
Equities and crypto are both down modestly this morning. Yesterday afternoon saw a meaningful divergence between equities and crypto, as equities realized a large down move while crypto prices were more resilient. The move was likely attributed to pessimistic comments from a slew of bank CEOs that sparked increased recession concerns. It continues to be a light week on the data front heading into a heavy week of prominent releases including CPI and FOMC next week.
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.