BTC is currently trading around $36,700 and ETH around $2,450. Notable gainers in the last 24 hours are TFUEL, THETA, and SAND. The global crypto market cap is $1.75T, down 2.9% over the last day. DeFi Total Value Locked is ~$195b and BTC dominance is around 42%.
Crypto and equity markets fell and Treasury yields increased after yesterday’s Federal Reserve press conference that was generally perceived as hawkish. As expected, the Fed teed up a March rate hike and indicated that bond purchases will end in March. And while it did not say when it would begin reducing its balance sheet, it did release a paper outlining principles around doing so. During the press conference, Fed Chair Powell emphasized the economy’s strength, stated that inflation had likely gotten worse since the last meeting, and pledged to raise rates as needed. Fed funds futures traders are now pricing in 4.4 hikes this year versus 4 prior to the meeting.
In other news: Russia’s Ministry of Finance officially submitted a regulatory proposal to the government introducing a new crypto framework and in stark contrast to the central bank’s calls for a crypto ban; MoonPay is now offering a credit card checkout tool for NFT purchases; Reddit is testing out NFT profile pics; Diem is selling its technology to Silvergate Bank for $200m; and, Coinbase is reportedly close to listing Solana ecosystem tokens.
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.