BTC is currently trading around $43,600 and ETH around $3,350. Notable gainers in the last 24 hours are FXS, FTM, and OMI. The global crypto market cap is $2.2T, up 6.9% over the last day. DeFi Total Value Locked is ~$237b and BTC dominance is around 40%.
The US CPI rose 7.0% year-over-year in December, up from November’s 6.8% and the highest inflation since 1982. Still, the 7.0% growth was in line with expectations, and equity markets and crypto prices are rallying in response.
In other news: Fed Chairman Powell stated that the Fed will release a crypto report within weeks and that a CBDC wouldn’t necessarily lead to a ban on private stablecoins; The Hong Kong Monetary Authority published a consultation document proposing for it to supervise stablecoin issuance and reserves management; a group of US banks plans to offer its own stablecoin called USDF to allay reserve concerns; The Republic of Palau announced a partnership with Cryptic Labs to launch a digital residency program allowing global citizens to receive some residency perks without physically living there; Block’s popular Cash App has integrated the Bitcoin Lightning Network for faster and cheaper BTC transfers; over 100 employees from Microsoft have reportedly left to join Meta; OpenSea competitor LooksRare claims to have sold over $100m of NFTs in its first day post launch; the Ethereum Push Notification Service (EPNS) announced the launch of a web3 communication primitive to allow protocols, contracts and users to directly communicate; and Moonbeam has become the first fully operational parachain on Polkadot.2022.01.12
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.