BTC is currently trading around $57,900 and ETH around $3,100. Notable gainers in the last 24 hours are STX, MKR, and OKB. The global crypto market cap is $2.24T, down 0.2% over the last day. DeFi Total Value Locked is ~$89b and BTC dominance is around 55%.
Equity markets are higher as investors evaluate big bank earnings and despite US wholesale prices coming in hotter than expected. Meanwhile, crypto continued to move sideways on mixed news. Worries continue to percolate around potential Mt Gox-related selling, Germany continued to transfer Bitcoin to exchanges and trading desks, Genesis Trading transferred $720m of Bitcoin to Coinbase in what could be related to its $2b NYAG settlement, and the Crypto Fear & Greed Index slipped to Extreme Fear and its lowest level in 18 months. Positively, however, the US spot Bitcoin ETFs recorded their fifth consecutive day of inflows, the spot Ethereum ETFs are said to be nearing the finish line, Germany now has only $220m of Bitcoin left to sell, and expectations for near-term Fed rate cuts continue to rise after Fed Chair Powell’s Congressional testimony and the US CPI report earlier this week.
In addition, there were several generally positive US regulatory developments over the last day. While the US House vote to overturn President Biden’s veto of a measure reversing the SEC’s controversial crypto custody accounting policy SAB 121 failed (as expected) to garner sufficient votes to pass, the SEC is reportedly granting exceptions to the policy for some banks and brokerages. In addition, the SEC sent a termination notice to Paxos regarding its investigation into BUSD, and it further dropped its investigation into Hiro, the developer behind Bitcoin L2 Stacks.
Notable news includes: The Law Commission of the UK concluded that DAOs do not need separate oversight or legal entities; the US House introduced a resolution urging Nigeria to free a detained Binance employee; German securities provider DekaBank issued a digital bond without using a central securities depository; Canadian fintech company Nuvei partnered with Mastercard to launch a crypto off-ramping solution in Europe; asset manager DWS confirmed plans to launch a euro-backed stablecoin in 2025; a sophisticated domain registry attack targeted multiple DeFi application front-ends; IoT and wireless DePIN project Helium is reportedly considering using its hotspots for solar-related purposes; and, Tornado Cash developer Alexey Pertsev was denied bail.
Sign up to conveniently receive GSR crypto content in your inbox.
Author:
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. GSR is not authorised or regulated in the UK by the Financial Conduct Authority. The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services.
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.
