BTC is currently trading around $34,300 and ETH around $1,800. Notable gainers in the last 24 hours are GALA, DOGE, and ARB. The global crypto market cap is $1.31T, up 0.5% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 54%.
Equity markets are down and crypto prices are little changed. Tech stocks have weighed on the market this week, with companies such as Alphabet and Facebook underperforming after reporting earnings. Positively, US GDP grew faster than expected in the third quarter, increasing at a 4.9% annualized pace.
Notable crypto news includes: UK lawmakers passed a bill to help seize illicit crypto; the UK FCA stated that crypto firms breached new UK advertising rules 221 times; Fidelity Investments revealed it may expand its crypto services into Europe after MiCA goes live; stablecoin issuer Circle partnered with a major Taiwan convenience store chain to convert its loyalty points program to crypto; JPMorgan revealed it handles $1b of JPM Coin transactions per day; crypto and NFT payments app Moonpay announced it will integrate several MasterCard services; Bitfinex Securities announced its first tokenized bond denominated in USDT; Bitmain premiered its new Antminer T21 mining rig; Arbitrum Orbit integrated Celestia for data availability; Fantom launched testnets for its upcoming Sonic upgrade to improve TPS and finality; IoTeX integrated with Solana to provide real time analytics on Solana-based IoT projects; blockchain forensics firm Elliptic stated that there is no evidence that Hamas is receiving a significant volume of crypto donations; and, SBF will testify in his own defense.
Sign up to conveniently receive GSR crypto content in your inbox.
Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, 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. 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.
