Daily Market Update: November 24, 2023

November 24, 2023

BTC is currently trading around $37,700 and ETH around $2,100.  Notable gainers in the last 24 hours are BLUR, TAO, and PYTH.  The global crypto market cap is $1.49T, up 1.4% over the last day.  DeFi Total Value Locked is ~$48b and BTC dominance is around 53%.

Notable news includes: Singapore’s MAS published its final response on proposed crypto regulation aimed at curbing retail speculation; the UK published a report outlining how investment funds can utilize tokenization under existing law; the US DOJ filed a motion to block CZ’s return to the UAE over concerns he won’t return for sentencing; Grayscale submitted an amended filing for its proposal to convert GBTC to a spot Bitcoin ETF; GBTC’s discount to NAV fell below 10% for the first time in two years; JPMorgan estimated that GBTC could see $2.7b+ of outflows upon conversion to an ETF; Lido Finance node operator InfStones will temporarily remove its Ethereum validators from the liquid staking protocol and rotate its validator keys after a vulnerability was discovered; and, the number of transactions on Avalanche have skyrocketed 2,000% after it launched a new Ordinals-like token standard allowing arbitrary data to be inscribed on the blockchain.

Sign up to conveniently receive GSR crypto content in your inbox.

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.  GSR is not authorised or regulated in the UK by the Financial Conduct Authority.  The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services. 

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.