Daily Market Update: December 6, 2023

December 6, 2023

BTC is currently trading around $44,000 and ETH around $2,250.  Notable gainers in the last 24 hours are BTT, HNT, and WEMIX.  The global crypto market cap is $1.67T, up 4.0% over the last day.  DeFi Total Value Locked is ~$51b and BTC dominance is around 55%.

Notable news includes: Over $300m in total liquidations occurred over the last 24h; Société Generale-backed euro stablecoin EURCV began trading on Bitstamp; IBM unveiled new technology to enhance cold storage; 50+ tech giants including IBM and Meta formed a new AI Alliance; web3 trading card game Gods Unchained launched on Amazon Prime Gaming; Coinbase Wallet added a feature enabling users to send money through any platform simply by sharing a link; Helium Mobile launched a nationwide unlimited data, talk, and text plan in the US for just $20 per month; Ethereum layer 2 Mantle deployed its mUSD stablecoin offering yield from US Treasury Bills and bank deposit interest; and, Solana hype has pushed BONK to the third-largest dog-token behind DOGE and SHIB.

Sign up to conveniently receive GSR crypto content in your inbox.

Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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.