Daily Market Update: September 6, 2023

September 6, 2023

BTC is currently trading around $25,700 and ETH around $1,650. Notable gainers in the last 24 hours are KAS, SNX, and XRD. The global crypto market cap is ~$1.08T, down 0.1% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.

Notable news includes: Visa launched a pilot program enabling merchants to receive USDC payments via Solana; MetaMask integrated a ‘Sell’ feature enabling users to cash out their digital assets for fiat to send to their bank or PayPal accounts; Coinbase created a new overcollateralized crypto lending service for U.S. institutional clients; Genesis Global Trading will voluntarily shut down its spot trading services on September 18th; block production on Base was temporarily stalled as a bug was found and quickly remediated; Grayscale’s lawyers penned a letter to the SEC seeking a meeting “as soon as practical” to discuss the path forward for GBTC conversion; Circle partnered with Legend Trading to better serve LatAm and APAC institutional clients; Tether’s CTO claimed its the world’s 22nd largest holder of US T-bills; Bitfinex revealed it holds an undisclosed amount of bitcoin on its balance sheet; Zodia Markets gained in-principal approval to operate as a crypto broker-dealer in Abu Dhabi; Yuga Labs launched a 13-week-long puzzle-solving competition around its TwelveFold Ordinals project; Justin Bieber’s “Company” track is being released as an NFT with a partial royalty share; Stake resumed operations after its $41m exploit; Anoma Foundation revealed plans to launch a native blockchain for its privacy-focused Nomada Protocol; the nostr.com domain name is on sale for $5m; and, a Russian beauty salon became the first business to process a digital ruble payment.

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.