Daily Market Update: October 18, 2023

October 18, 2023

BTC is currently trading around $28,300 and ETH around $1,600. Notable gainers in the last 24 hours are TWT, BSV, and STX. The global crypto market cap is ~$1.13T, down 0.6% over the last day. DeFi Total Value Locked is ~$37b and BTC dominance is around 52%.

Equity markets are down while rates tick higher following the release of UK and EU inflation as well as China GDP. UK rates are the most notable riser after inflation stalled at last month’s 6.7% level, coming in hotter than the 6.6% expected. Eurozone CPI conversely fell from 5.2% to 4.3%, inline with expectations. Growth also slowed by less than expected in China, and the Chinese economy reportedly grew 4.9% on a YoY basis in Q3. Lastly, it’s a big day for earnings with Tesla and Netflix reporting after the bell.

Notable news includes: Binance.US halted direct dollar withdrawals; Reddit axed its crypto-powered “Community Points” tokens citing regulatory and resourcing concerns; South Korean regulators are seeking to establish standards for the issuance and distribution of crypto assets; the EU formally agreed on new crypto tax data sharing rules; Sui plunged to an all-time low as the foundation sought to address “unfounded” claims of token manipulation; Immutable delayed the vesting of ~$67m worth of its token by one year; Uniswap DAO granted ~$46m to Uniswap Foundation to support its next two years of work; Fidelity became the first corporate client to leverage EY’s Blockchain Analyzer; crypto custodian BitGo acquired HeightZero, a software platform tailored for wealth managers seeking to integrate crypto; yesterday’s Nouns NFT auction slipped to a 6.9 ETH sale and was instantly resold for 20 ETH; Yuga Labs completed its internal restructuring to prioritize its metaverse projects; Platypus Finance recovered ~90% of the assets lost in a flash loan exploit last week; Fantom Foundation lost ~$7m in a major security breach; and, Elon Musk introduced a $1 paywall to new Twitter accounts in certain countries in a test to a curb bots, a move many in the crypto community are questioning the merits of.

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.