Daily Market Update: Feb 7, 2023

February 7, 2023

BTC is currently trading around $23,000 and ETH around $1,650. Notable gainers in the last 24 hours are GRT, AGIX, and FET. The global crypto market cap is ~$1.12T, up ~1.4% over the last day. DeFi Total Value Locked is ~$49b and BTC dominance is around 43%.

Notable news includes: Dubai published a new virtual asset rulebook for crypto operators; Binance revealed it will suspend USD bank transfers beginning on Wednesday; Genesis reached an “agreement in principle” on restructuring with DCG, Gemini, and other creditors that will require the sale of Genesis’s lending and trading businesses, and the deal is expected to return ~80 cents on the dollar to creditors; Gemini also committed to contributing up to $100m more to Gemini Earn users; DCG revealed its selling shares of its ETHE fund to raise capital; Revolut launched crypto staking services for its UK and EEA customers; Juno resumed services after a three week pause following the wind down of its former custodian Wyre; early data on Bitcoin Ordinals indicate the NFT project is contributing to higher transaction fees and larger block sizes; a DAO proposal to deploy Uniswap v3 on Boba Network passed; ENS DAO voted to sell ~$17m ETH for USDC via CoW Swap; Trader Joe’s native token is going multichain with a new LayerZero partnership; Lido’s staked ETH surpassed 5m; Bitcoin miners Hut 8 and US Bitcoin Corp announced a merger; Riot reported that ~17k of its mining rigs are offline due to the severe weather in Texas; and, Yuga Labs settled with Ryder Ripps in its trademark lawsuit.

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.