Daily Market Update: Jan 13, 2023

January 13, 2023

BTC is currently trading around $19,000 and ETH around $1,400. Notable gainers in the last 24 hours are APT, FTM, and FXS. The global crypto market cap is ~$948B, up ~1.8% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 42%.

Crypto markets are diverging from equities and continuing their upward trend with bitcoin leading the charge forward. U.S. equities are moving lower, with financials leading the plunge lower behind challenging bank earnings. European equities are still positive on the day behind a better than expected U.K. GDP release.

Notable news includes: The SEC charged Gemini and Genesis with selling unregistered securities; FTX received approval to sell LedgerX; Nexo saw ~$160m of withdrawals in the day after being raided by Bulgarian police; Crypto.com cut its headcount by ~20%; Hodlnaut’s creditors rejected its restructuring plan and are seeking a liquidation; Alameda’s liquidators were liquidated twice as they attempted to consolidate funds; crypto exchange WonderFi confirmed merger talks with Coinsquare; Wyre lifted its withdrawal limit after raising new funding from a strategic partner; SocGen minted $7m of DAI while posting home loan bonds as collateral; Polygon is planning a hard fork on Jan 17th to reduce gas fees; Bored Apes are pumping ahead of the Sewer Pass mint; NFT sales rose 13% in December, ending an 8-month down streak; Bitcoin miner Bitfarms seeks to amend its loan from BlockFi as it warns of default; Celsius Mining entered an agreement to sell nearly ~3k mining rigs; Samsung’s investment arm is mulling a spot Bitcoin ETF in Hong Kong; crypto market maker CyberX raised ~$15m from Foresight Ventures; and, Sam Bankman-Fried’s father, Joseph Bankman, retained an attorney. 

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.