BTC is currently trading around $41,400 and ETH around $2,150. Notable gainers in the last 24 hours are STX, INJ, and TKX. The global crypto market cap is $1.62T, down 1.7% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 53%.
Traditional markets and crypto prices are little changed to start the week. Investors will be watching the Bank of Japan’s policy announcement tomorrow and US PCE inflation readings on Friday.
Notable news includes: Belgium will reportedly push for a European blockchain network that can store drivers licenses and property titles during its EU Council presidency; the Financial Stability Oversight Council renewed calls for US Congress to pass crypto legislation in its annual report; Kazakhstan successfully completed a CBDC pilot project; the estate of collapsed crypto exchange FTX submitted an amended reorganization plan; Coinbase stated it will appeal a denial by the US SEC of its petition asking for new digital assets regulations; the Ethereum community approved a new ERC-3643 token standard for compliant tokenization; Arbitrum suffered a two-hour partial outage on Friday after experiencing a significant surge in traffic; gas spent on inscriptions on EVM-compatible chains skyrocketed over the weekend; Algorand developers have forked the code for a new blockchain called Voi that intends to better reward contributors to the chain; the token for decentralized storage platform Arweave fell following a debate around a possible hard fork of the network; Metis announced that it expects to decentralize its sequencer early next year; the OKX NFT marketplace surpassed Blur and OpenSea in trading volume; and, MilkyWay introduced liquid staking on Celestia’s TIA token.
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. GSR is not authorised or regulated in the UK by the Financial Conduct Authority. The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services.
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.