BTC is currently trading around $63,900 and ETH around $4,600. Notable gainers in the last 24 hours are MANA, BCHA, and SAND. The global crypto market cap is $2.91T, down 2.4% over the last day. DeFi Total Value Locked is ~$266b and BTC dominance is around 43%.
The crypto markets are fairly quiet ahead of Bitcoin’s Taproot upgrade, which is expected to occur tomorrow. The upgrade will improve Bitcoin’s privacy and programmability while making transactions faster and less expensive.
Miami Mayor Francis Suarez announced that residents who are staking their MiamiCoin will receive “Bitcoin yield” directly in their wallets. Miami has accumulated nearly $23m through MiamiCoin, which at an annualized rate equates to ~20% of annual taxes collected. Following Miami’s lead, New York City Mayor-elect Eric Adams has stated he plans to bring CityCoin to New York.
Other notable headlines include: Roughly 55% of newly issued USDT from 2014 to October was acquired by just two firms, Alameda Research and Cumberland; South Korean conglomerate Hankook Technology announced that it is branching out into crypto and NFTs; Major music label Universal has formed a metaverse band based on Bored Ape Yacht Club NFTs; and, popular dating app Bumble is exploring how to integrate the metaverse and Web 3.0 into a relaunch of its friend-finding platform Bumble BFF.
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.
