Daily Market Update: July 10, 2023

July 10, 2023

BTC is currently trading around $30,300 and ETH around $1,850.  Notable gainers in the last 24 hours are COMP, KAVA, and XEC.  The global crypto market cap is $1.22T, down 0.2% over the last day.  DeFi Total Value Locked is ~$44b and BTC dominance is around 52%.

It was a quiet weekend in crypto, while traditional financial markets are little changed ahead of key inflation data and the start of 2Q earnings season this week.  The US CPI will be released on Wednesday, followed by the PPI on Thursday, while several notable companies will release earnings, including JPMorgan, Citi, and BlackRock.

Notable crypto news includes: a BIS survey found that over two dozen central banks plan to roll out a CBDC by 2030; the BIS released a seven step security framework for blockchain-based CBDCs; the number of active developers working on open source crypto projects fell 22% over the past year, per Electric Capital; a report by K33 found that the US accounts for 30% of the crypto industry’s headcount; Binance reportedly terminated dozens of employees last week and plans to reduce its US-based workforce; BTC, USDT and other digital assets traded at a discount on Binance.US which some attributed to liquidity issues on the platform; USDC issuer Circle launched a programmable wallet-as-a-service platform enabling developers to embed wallets in their dapps; Mantle Network is voting to form a $200m ecosystem fund; Meta’s Twitter rival Threads now has over 100m users; Digital Currency Group called the lawsuit filed by Gemini alleging it defrauded its creditors “a publicity stunt”; a CFTC investigation reportedly found that bankrupt crypto lender Celsius violated US laws by misleading investors and failing to register with the regulator; and, the Three Arrows Capital liquidator may try to claw back $1.2b from DCG and BlockFi.

Sign up to conveniently receive GSR crypto content in your inbox each morning.

Matt Kunke, Research Analyst | 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.