Daily Market Update: Oct 13, 2022

October 13, 2022

BTC is currently trading around $18,700 and ETH around $1,250. Notable gainers in the last 24 hours are HT, BSV, and AR. The global crypto market cap is ~$932B, down ~3.2% over the last day. DeFi Total Value Locked is ~$67b and BTC dominance is around 42%.

Global equities and bonds are rallying while crypto has decoupled to the downside. U.K. bonds are the standout mover, with long Gilts moving materially higher alongside the GBP. The Fed’s meeting minutes indicated policymakers had been surprised by the resiliency of inflation and that hikes will continue until progress is made. Fed Funds futures did not move materially on the release, and they continue to price in an ~85% probability of a 75 bp hike at the November meeting. All eyes are on the upcoming U.S. CPI release at 8:30 am EST.

Notable news includes: the FASB announced that companies should use fair-value accounting methods for cryptocurrencies; Aave DAO voted to deploy Aave v3 on Ethereum; Arbitrum parent company Offchain Labs acquired Prysmatic Labs, the company behind Ethereum’s Prysm client implementation; flare gas Bitcoin miner Crusoe acquired competing flare gas miner Great American Mining; Betterment launched four thematic crypto portfolios for retail customers; blockchain venture funding fell for its second consecutive quarter; crypto custodian Copper raised $196m in a Series C round; and, October 2022 has been the biggest month on record for crypto hacks reaching over $700m.

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.