BTC is currently trading around $23,000 and ETH around $1,650. Notable gainers in the last 24 hours are SAND, NEAR, and IMX. The global crypto market cap is ~$1.13T, up ~0.9% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 43%.
Notable news includes: U.S. prosecutors asked the SEC and CFTC to postpone their fraud cases against FTX until the conclusion of the DoJ’s criminal case; the SEC directed its examiners to give extra scrutiny to broker-dealers dealing in crypto this year; the Bank of International Settlements’ research arm revealed it would heighten its focus on CBDCs; Fox announced a ban on cryptocurrency commercials during this year’s Super Bowl; Dell joined Hedera’s governing council; the first staked ETH withdrawal was processed on the Zhejiang testnet; ConsenSys released a statement supporting the view that staked assets should be treated as “created property” that’s taxed at disposition; Sandbox’s token rallied after signing a memo of understanding with Saudi Arabia that is sparse on details but presumably tied to the country’s Metaverse initiatives; the average Bitcoin block size reached a record 2 MBs; Kazakhstan’s President signed legislation to limit energy usage on crypto mining; Bitcoin miner Stronghold restructured its remaining $55m of debt; cloud mining firm BitFuFu delayed its SPAC; crypto VC investing was down 75% in 4Q22; Cryptex Finance launched a new index token tracking the top 10 NFT collections; Binance is airdropping $100 in BNB tokens to its Turkish users in the wake of the country’s devastating earthquake; a former Coinbase product manager pled guilty to insider trading; and, South Korean officials confirmed they have traveled to Serbia in search for Do Kwon.
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.