Daily Market Update: Nov 18, 2022

November 18, 2022

BTC is currently trading around $16,700 and ETH around $1,200. Notable gainers in the last 24 hours are CHZ, ALGO, and STX. The global crypto market cap is ~$871B, up ~1.8% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 41%.

Risk assets are moving higher while bonds are down modestly. Overall it’s a quiet day for data releases and new market information.

Notable news includes: FINRA is evaluating retail crypto marketing communications issued in Q3; the Bahamian securities regulator now says it seized all of FTX Digital Markets’ assets on November 12th; the new FTX CEO cited that Alameda was secretly exempt from certain aspects of FTX’s auto-liquidation protocol; the former Enron liquidator now working on FTX noted he’s never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information”; Starkware launched its token on Ethereum but it’s not yet tradable; Jump Crypto denied rumors that it will shutdown; Sui Network launched its testnet; GBTC shares have fallen to a record ~43% discount as investors are concerned about challenges at sister-company Genesis; Solana NFT protocol Metaplex announced layoffs; 3LAU debuted his music NFT marketplace Royal; Arkon Energy raised $28m to further its expansion into Bitcoin mining; and, Twitter closed offices as a flow of resignations followed Elon’s ultimatum.

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TelegramLinkedIn

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.