BTC is currently trading around $30,500 and ETH around $1,850. Notable gainers in the last 24 hours are COMP, MATIC, and SOL. The global crypto market cap is $1.23T, up 1.0% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 52%.
Equity markets and bond yields are little changed, as investors await key US inflation data slated for release tomorrow morning. Economists expect a 3.1% year-over-year increase in headline inflation in June, down from 4.0% in May.
Notable crypto news includes: The UK Treasury started consultation on a five-year sandbox for digital bonds and equities; BoE Governor Andrew Bailey reiterated his stance against cryptocurrencies in a recent speech; Dubai’s Virtual Assets Regulatory Authority suspended the operational license of local crypto exchange BitOasis; former SEC Chair Jay Clayton suggested that a US spot Bitcoin ETF approval may be “hard to resist” for the SEC; Standard Chartered increased its 2024 year-end BTC price prediction from $100,000 to $120,000; activity in Bitcoin Ordinals has increased with the number of new daily inscriptions rising to over 350,000 due to a modified version of the BRC-20 token standard that reduces the cost of inscriptions; ConsenSys released the alpha version of its L2 network Linea on Ethereum mainnet; Aave DAO members will soon vote on deploying the GHO stablecoin on Ethereum mainnet; Algofi, the largest dapp on Algorand, stated that it will shut down after a large decline in activity; the Ripple CTO predicted that the judge would rule on its SEC case by September; the Connext founder proposed EIP-7281 “Sovereign Bridged Token” to standardize how tokens are bridged between networks; and, cross-chain protocol Axelar and tech giant Microsoft announced a partnership to bridge public and private blockchains.
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.