BTC is currently trading around $41,800 and ETH around $3,150. Notable gainers in the last 24 hours are ROSE, NEAR, and MATIC. The global crypto market cap is $2.07T, up 2.1% over the last day. DeFi Total Value Locked is ~$229b and BTC dominance is around 41%.
Crypto prices are up over the last day despite Federal Reserve Chairman Powell pledging “to prevent higher inflation from becoming entrenched” in prepared comments for his nomination hearing before congress today. All eyes now turn to the December CPI report, set to be released tomorrow at 8:30am EST, after last month’s report showed November prices increasing at the fastest pace since 1982.
In other news: Iran is reportedly set to allow merchants to use digital currencies in international trade; a US GAO report suggests tightening regulations on crypto ATMs; The PBoC has confirmed that overseas visitors will be able to use its digital yuan for the first time at next month’s Winter Olympics; Indian financial services giant Axis Bank issued a financial contract using government-backed blockchain platform SLDE; Binance is said to be considering the UAE for its next global hub; weekly digital asset institutional fund outflows totaled $207m last week, the highest level on record per CoinShares; OpenSea is poised to break its own record for monthly sales on Ethereum as volumes are over $2.1b through Jan 10; Farmville maker and game developer exploring blockchain-based games Zynga is being acquired by Grand Theft Auto publisher Take-Two Interactive; and the Associated Press will launch an NFT marketplace for historic photographs.
This material is a product of the GSR Sales and Trading Department. It is not a product of a Research Department, not a research report, and not subject to all 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 your interests. The Firm trades instruments discussed in this material for its own account. The author may have consulted with the Firm’s traders and other personnel, who may have already traded based on the views expressed in this material, may trade contrary to the views expressed in this material, and may have positions in other instruments discussed herein. This material is intended only for institutional investors. Solely for purposes of the CFTC’s rules and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and should not be considered to be a derivatives research report.This material is provided solely for informational purposes, is intended for your use only and does not constitute an offer or commitment, a solicitation of an offer or comment (except as noted for CFTC purposes), or any advice or recommendation, to enter into or conclude any transaction (whether on the indicative 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. Information is based on sources considered to be reliable, but not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made 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. GSR will not be liable whatsoever for any direct or consequential loss arising from the use of this Information. Copyright of this Information belongs to GSR. Neither this Information nor any copy thereof may be taken or rented or redistributed, directly or indirectly, without prior written permission of GSR. Not a solicitation to U.S. Entities or individuals for securities in any form. If you are such an entity, you must close this page.