Daily Market Update: Feb 22, 2023

February 22, 2023

BTC is currently trading around $24,000 and ETH around $1,650. Notable gainers in the last 24 hours are FLOKI, STX, and XTZ. The global crypto market cap is ~$1.14T, down ~2.2% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 44%.

Risk assets are generally continuing their downward trend, with global equities and crypto heading lower. U.S. equities have slightly diverged from the pack, opening to a small positive gain. Investors will focus on dissecting the Fed’s meeting minutes this afternoon, looking for any additional insights behind the Fed’s unanimous 25 bp hike at the last FOMC meeting.

Notable news includes: France is piloting in-store crypto payments via Binance Pay; Hong Kong revealed plans to spend $50m to accelerate web3 development in the region; trading platform eToro was granted a BitLicense to provide crypto services in NY state; Immutable and Polygon Labs added to layoffs, cutting ~11% and ~20% of staff, respectively; Solana Spaces revealed its physical store fronts would close just seven months after opening in NYC and Miami; Coinbase beat Q4 earnings despite falling transaction volume; ANKR rallied more than 70% after a partnership was revealed to offer node hosting services on Microsoft’s Azure; daily transactions on Arbitrum surpassed those on Ethereum mainnet; Cosmos’s Interchain Foundation allocated $40m for ecosystem development in 2023; DraftKings announced the launch of its Polygon-based NFT fantasy golf game in partnership with the PGA Tour; Blur announced its season 2 airdrop is prioritizing loyalty and would benefit users that list NFTs strictly on the Blur marketplace; BlockTower Capital quietly parted ways with a pair of veteran executives; the former head of VC at Binance announced plans to raise over $100m in a new crypto VC fund; PayPal co-led a $20m seed round for on-chain risk optimizer Chaos Labs; and, LinksDAO proposed the purchase of a newly marketed golf course in Scotland.

Matt Kunke, Junior Strategist | 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.

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.