BTC is currently trading around $19,100 and ETH around $1,300. Notable gainers in the last 24 hours are USTC, TKX, and HT. The global crypto market cap is ~$960B, down ~1.8% over the last day. DeFi Total Value Locked is ~$71b and BTC dominance is around 41%.
Risk markets are slightly down, while bond yields are rising modestly in most countries. The week is headlined by the release of the FOMC meeting minutes on Wednesday and U.S. CPI on Thursday. Other highlights include U.S. PPI and speeches from monetary policy officials like BoE Governor Bailey and ECB President Lagarde. U.K. markets continue to sit front and center as the BoE tries to offset the impact of new stimulative fiscal plans. The BoE extended its emergency intervention in bond markets as the U.K. government pulled forward its plans to deliver its medium-term fiscal strategy a month earlier than expected. The new strategy will be unveiled on October 31st, just days ahead of the next BoE meeting on November 3rd.
Notable news includes: India will soon begin to test its E-Rupee; Google tapped Coinbase to bring crypto payments to its cloud services; BNY Mellon added cryptocurrency custody services; BNB Chain is back online following its ~$568m exploit; Nethermind announced that its Solidity to Cairo transpiler Warp was used to transition Uniswap v3’s codebase onto StarkNet; the co-founder of Flashbots stepped down over censorship disagreements; Coatue’s crypto lead departed the firm; Celsius accidentally doxxed all of its users; and, PayPal said its policy to financially punish users for misinformation was ‘in error.’
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | 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.