BTC is currently trading around $22,700 and ETH around $1,650. Notable gainers in the last 24 hours are NEO, RPL, and LRC. The global crypto market cap is ~$1.11T, down ~1.6% over the last day. DeFi Total Value Locked is ~$49b and BTC dominance is around 43%.
Global equities are moving higher, while yields are slightly lower in most markets. Crypto has lagged equities since yesterday’s close, with reports of an industry crackdown facilitated by the U.S. banking sector and rumors of the SEC’s intent to inhibit retail staking likely contributing to the underperformance.
Notable news includes: Coinbase CEO Brian Armstrong tweeted that he’s “hearing rumors the SEC would like to get rid of crypto staking in the U.S. for retail customers”; Lido, Rocket Pool, and the tokens of other decentralized LSD providers rallied after Brian Armstrong’s comments; CoinMetrics co-founder Nic Carter alleged that the U.S. government is using the banking sector to execute a widespread crypto industry crackdown; Paxos confirmed it has not yet been asked to withdraw its application for a national trust bank charter with the OCC; LocalBitcoins announced its closure after operating for more than a decade; MakerDAO revealed it will introduce an Aave rival called Spark Protocol, expanding into pooled lending in addition to its primary collateralized debt issuance model for DAI; Lido announced node operators would be able to permissionlessly join its network in its V2 implementation; CoinGecko and 21Shares proposed a global crypto classification standard; Affirm announced it will sunset its crypto program after laying off nearly 20% of its staff; Robinhood’s board approved a plan to purchase the $578m equity stake previously owned by SBF; a court allowed FTX debtors to issue subpoenas to SBF’s former colleagues and family members; Ordinal Punks emerged as the leading NFT collection on Bitcoin; Yuga Labs’s Dookey Dash reportedly had an exploit that allowed bots to seamlessly progress through the map without being detected; and, the liquidator of Three Arrows Capital asked the judge to intervene as it claimed Kyle Davies continues to withhold information while “shamelessly” raising capital to launch a new crypto exchange.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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.
