BTC is currently trading around $27,500 and ETH around $1,600. Notable gainers in the last 24 hours are XAUT, XMR, and RPL. The global crypto market cap is $1.11T, down 1.7% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 51%.
Equity markets are down small and oil prices are up ~4% after Hamas attacked Israel this weekend, adding geopolitical risk to an already shaky macro backdrop. This week features both producer and consumer price data out of the US as well as the FOMC minutes, where investors will look for clues on how long the Fed may keep rates elevated.
Notable news includes: The UK FCA published a list of 143 entities operating in its jurisdiction without authorization, including several prominent crypto exchanges; the SEC stated that crypto has no “innate or inherent value” to a federal judge in its case against Coinbase; Taiwan is reportedly targeting November for its first crypto regulatory draft bill; the FTX CTO testified against SBF and admitted that Alameda used customer funds for its own purposes; the CFTC made an internal recommendation to formally accuse ex-Voyager Digital co-founder Ehrlich of violating derivatives regulations; the former head of OpenSea Ventures has been accused of allegedly running pump and dump schemes by the media; an upcoming feature film that was funded by the sale of NFTs, The Quiet Maid, secured a global sales deal; NFT finance-focused FloorDAO split into two entities after activist investors accused it of failing to launch a redemption mechanism as promised; NFT firm Yuga Labs cut staff as part of a larger restructuring; crypto exchange HTX had $8m in stollen crypto returned in exchange for paying a $0.4m bounty to the hacker; options exchange Deribit announced it will soon list options on XRP, SOL, and MATIC; Vitalik Buterin unveiled a proposed two-tier model to address centralization challenges in Ethereum staking; Avalanche-based friend.tech fork Stars Area secured funding to cover $3m in losses from a recent exploit; tokenization protocol Backed introduced a tokenized security on Base that tracks the performance of a short-term US treasury bond ETF; and, VitaDAO and the University of Rochester partnered to launch biotech company Matrix Biosciences to conduct cancer and aging research.
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.
