Daily Market Update: Mar 31, 2023

March 31, 2023

BTC is currently trading around $28,400 and ETH around $1,850. Notable gainers in the last 24 hours are HBAR, ADA, and RPL. The global crypto market cap is ~$1.23T, up ~0.3% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 48%.

Risk assets are exhibiting modest positive gains behind this morning’s better-than-expected Core PCE release. Eurozone inflation also fell more than expected, but the headline drop was primarily attributed to volatile energy prices, and core inflation rose slightly.

Notable news includes: FTX EU launched a withdrawal website to pay back its users; Hong Kong reportedly plans to license eight crypto companies by year-end; Belarus declared crypto firms can operate tax-free until 2025; DAO treasury balances eclipsed $25b in aggregate; Injective launched a layer-2 testnet for Solana-based apps in Cosmos; Gnosis unveiled its Hashi bridge aggregator to help improve cross-chain security; Aave revealed plans to launch on Polygon’s zkEVM; Kava’s TVL flipped Solana; hardware wallet provider Ledger raised $108m; and, Trump became the first former U.S. president to be charged with a crime after being indicted by a grand jury in connection to a hush money payment to Stormy Daniels.

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.