Daily Market Update: July 18, 2023

July 18, 2023

BTC is currently trading around $29,800 and ETH around $1,900. Notable gainers in the last 24 hours are FLEX, BIT, and LINK. The global crypto market cap is ~$1.24T, down ~0.9% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 50%.

It’s a low volatility day with markets tilted towards risk-off on the margin. Equities are mixed and crypto is modestly lower, while government bonds are rallying, particularly those in European countries and Canada. Canada’s lower-than-expected core CPI release supported its interest rate decline.

Notable news includes: Coinbase’s CEO Brian Armstrong is scheduled to hold a closed-door meeting with House Democrats tomorrow; Chainlink’s Swift-based Cross-Chain Interoperability Protocol (CCIP) launched with early testnet access on Ethereum, Avalanche, and various L2s, enabling financial institutions to transfer data between public and private blockchain environments; Uniswap unveiled the UniswapX white paper introducing a new Dutch-auction based decentralized trading protocol that aggregates both onchain and offchain liquidity and enables gas free swaps; Safe partnered with stablecoin issuer Monerium for on and off-chain euro-based stablecoin payments; Celsius moved ~$60m of altcoins to potentially be sold for BTC & ETH; Compound’s outstanding debt on Ethereum surpassed $1b for the first time in over a year; users locked ~$2.4b on Binance to participate in Arkham’s public token sale; Reddit’s MOON community token surged nearly 200% during the last week after Reddit made positive changes pertaining to transaction flexibility in its terms of service; Nil Foundation partnered with Fabric to develop readily available and cost-effective ZKP-dedicated compute; Binance terminated its partnership with the Argentine Soccer Association citing breach of contract; and, a black hat hacker released WormGPT, a malicious version of ChatGPT, to craft email phishing attacks.

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.