Daily Market Update: May 19, 2023

May 19, 2023

BTC is currently trading around $26,900 and ETH around $1,800. Notable gainers in the last 24 hours are INJ, BGB, and KAVA. The global crypto market cap is ~$1.17T, down ~0.8% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.

Notable news includes: Paradigm filed an amicus brief in the case between the NYAG and KuCoin that disagreed with the NYAG’s classification of ETH as a security; a proof-of-reserves bill passed through Texas’s Senate; the Australian stock exchange abandoned its blockchain-based system to replace its legacy clearing and settlement system; Ethereum Layer 2 Mantle Network merged with BitDAO; HashKey is seeking to raise up to $200m at a $1b valuation; and, Apple joined the growing list of tech companies that have banned ChatGPT use over data leak fears.

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.