Daily Market Update: September 5, 2023

September 5, 2023

BTC is currently trading around $25,700 and ETH around $1,650.  Notable gainers in the last 24 hours are RLB, STX, and RUNE.  The global crypto market cap is $1.08T, down 0.2% over the last day.  DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.

Notable crypto news includes: Ripple filed a motion to block the SEC’s attempt to appeal its recent court ruling; a US federal court gave the go-ahead in a class action lawsuit against Helbiz, which undertook an ICO in 2018 for its Italian electric scooter sharing company; The Financial Stability Board and the IMF are set to deliver a paper calling for a global crypto policy roadmap; Japan’s FSA proposed a change to the tax code that would eliminate end-of-year unrealized gains taxes on crypto for domestic firms; South Korean bank KEB Hana announced a partnership with crypto custodian BitGo; The Bank of China and e-commerce site Meituan signed an agreement to deepen their digital yuan cooperation; The State Bank of India integrated its United Payments Interface with the digital rupee; a report by the World Federation of Exchanges found that regulated exchanges remain reluctant to offer crypto products despite investor demand; The London Stock Exchange Group revealed plans to launch a new blockchain-powered digital markets business to enhance the trading of traditional financial assets; the CFO and GC of crypto venture firm Paradigm are set to leave the company this month; Robinhood bought back $605m worth of shares of its own company that the US government seized from SBF; Binance’s Head of Product Mayur Kamat left the exchange; Sorare launched 3D digital football player cards with augmented reality capabilities; MarkerDAO’s oracle, Chronicle, announced plans to expand beyond Maker; Vitalik sold his stake of MKR, apparently in response to the MakerDAO founder’s proposal to launch an app-chain on a fork of Solana; the co-founders of Gala Games filed lawsuits against each other; DYDX holders voted to make the token the native asset for the soon-to-be-launched dYdX Chain; Stellar’s XLM token rallied 10% after it teased “something cool” is coming; Shiba Inu’s layer 2 Shibarium hit 1m wallets; crypto betting platform Stake suffered a $40m exploit; and, SYN, the native token of cross chain bridging protocol Synapse, fell after Nima Capital allegedly rug-pulled liquidity from the bridge.

Sign up to conveniently receive GSR crypto content in your inbox each morning.

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.

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.