Daily Market Update: Nov 21, 2022

November 21, 2022

BTC is currently trading around $16,200 and ETH around $1,150. Notable gainers in the last 24 hours are HT, XEM, and TWT. The global crypto market cap is ~$836B, down ~2.8% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 41%.

Risk markets are down modestly, with Chinese markets leading the move lower as a rumored loosening of its Covid policy was dispelled by school suspensions and lockdowns. Several data releases will come on Wednesday, including U.K. and Germany PMIs, as well as jobless claims, new building permits, and oil inventories in the U.S. Minutes from the Fed and ECB’s latest meetings will come on Wednesday and Thursday, respectively. Lastly, it’s a short week in the U.S., with Thanksgiving on Thursday and an early market close on Friday.   

Notable news includes: a lead MiCA negotiator argued that government should not over-regulate crypto after the FTX scandal; India’s central bank is on track to launch its retail CBDC pilot next month; FTX owes more than $3b to its 50 largest creditors; FTX Japan is reportedly planning to allow withdrawals by year-end; frozen crypto exchange AAX announced it would close out customer derivatives positions during system maintenance with a ‘chance’ of a return to normal if external capital is raised; Celsius customers have until January to file claims in the bankruptcy proceedings; Bitcoin lender and custodian Unchained Capital revealed it will reduce staff by ~15%; the largest publicly traded hedge fund, Man Group, announced it would soon launch a crypto hedge fund; the GBTC discount continues to widen and is approaching ~50%; NFT marketplace X2Y2 will now enforce creator royalties following community pushback; hedge fund investor Bill Ackman revealed that he is no longer a crypto skeptic, commenting on some of his personal investments in a Twitter thread; and, former President Trump was reinstated on Twitter after Elon Musk put the question to a poll.

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.