Daily Market Update: May 26, 2023, 8:20am EST
BTC is currently trading around $26,450 and ETH around $1,800. Notable gainers in the last 24 hours are MARU, CSPR, and ARB. The global crypto market cap is $1.16T, up 1.0% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.
Global equity markets are mixed, crypto prices are up small, and the US yield curve became more inverted as talks to raise the US debt ceiling continue with just a week to go before a potential default. Positively, talks appeared to move forward yesterday, though negotiators warned that the final phase will be the most difficult.
Notable news includes: The World Economic Forum released a white paper on crypto asset regulation reiterating the need for urgency and cooperation; the BIS and a group of central banks published a policy perspectives paper on retail CBDCs; DCG announced the closure of its institutional crypto services firm TradeBlock; Trezor sales have increased 900% in the wake of Ledger’s seed recovery controversy; Ordinals inscriptions have topped 9m, tripling since since May 1; stablecoin-as-a-service provider Stably launched the stablecoin Stably USD (#USD) as a BRC-20 token on Bitcoin; Multichain employees are rumored to have been arrested by Chinese authorities; AiDoge.com’s presale is 90% sold out after raising ~$14m; crypto venture firm Paradigm announced that it will increase its focus to include “frontier tech” such as AI; Worldcoin raised a $115m Series C round; ~$2.3b of BTC options and $1.2b of ETH options are set to expire on Deribit today; and, Federal Reserve data showed that 10% of US adults held or used crypto assets in 2022, down from 12% in 2021.
Sign up to conveniently receive GSR crypto content in your inbox each morning.
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
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.
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.