BTC is currently trading around $34,200 and ETH around $1,800. Notable gainers in the last 24 hours are BTT, ATOM, and TON. The global crypto market cap is ~$1.32T, down 0.3% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 54%.
It’s a muted day so far for most traditional markets and crypto. The big news overnight was the BoJ’s decision to increase flexibility in its yield curve control (YCC) program. The BoJ recategorized its 1% cap on the 10Y yield as a reference point now, and the 10Y JGB yields jolted to 0.96% in response. While the move signals a path towards policy normalization as Japan battles inflation and a weakening yen, the yen still fell in response as many expected an even more meaningful policy shift to materialize.
Notable news includes: the Kenyan government is expected to introduce digital IDs for its citizens before year-end; Vanguard said it has no plans to launch a bitcoin ETF for the same reason it doesn’t offer a gold ETF (e.g., no interest payments or dividends); modular data layer Celestia’s TIA token is expected to begin trading today; Avalanche’s Etherscan-powered Snowtrace block explorer is shutting down and being replaced as its $1 to $2 million per year price point sparked community controversy; the tokenized treasury market has grown to ~$700m, a ~600% rise this year; and, Unibot, a Telegram trading bot for Uniswap, suffered an approval vulnerability in a newly deployed contract leading to more than $600k of user losses.
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.