BTC is currently trading around $19,600 and ETH around $1,350. Notable gainers in the last 24 hours are FXS, LDO, and EVMOS. The global crypto market cap is ~$977B, up ~0.5% over the last day. DeFi Total Value Locked is ~$70b and BTC dominance is around 42%.
Markets are extending yesterday’s strong upward move, with equities, bonds, and crypto all moving higher. Equity performance stands out, with most markets up 1% to 2.5%. The move appears to be a bear market rally on minimal new information while earnings season continues to be in focus.
Notable news includes: the SEC and CFTC launched a probe into Three Arrows Capital; Interpol reportedly created a dedicated crypto crimes unit; Ethereum launched a new testnet to begin work on its Shanghai upgrade; L2 scaling solution zkSync integrated validity proofs into its testnet ahead of its Oct 28th mainnet launch; Ripple is testing a new EVM-compatible XRP ledger sidechain; Frax Finance revealed it would release a liquid staking protocol on Ethereum in two weeks; Binance announced the upcoming launch of its cloud mining business next month; crypto VC fund Paradigm filed for permission to join the Ooki DAO case, arguing that it should be required for individual DAO members to be identified; and, Rarible launched an NFT aggregator.
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.
