BTC is currently trading around $65,300 and ETH around $4,700. Notable gainers in the last 24 hours are KCS, ICX, and CRO. The global crypto market cap is $2.99T, up 0.5% over the last day. DeFi Total Value Locked is ~$274b and BTC dominance is around 43%.
BTC is trading fairly in line with its price on Friday, despite the successful deployment of Taproot, which took effect at 5:15 UTC on Sunday. Taproot is Bitcoin’s biggest upgrade since 2017, and has been seven years in the making. The upgrade introduces new Schnorr signatures and a new script type to enhance privacy by making all transactions, including more complicated multisig and time-locks, look the same, and makes these transactions cheaper and more lightweight. While it will take time for Taproot’s benefits to be fully seen, as most Bitcoin wallet providers will continue to use the elliptic curve digital signature algorithm in the near-term, the upgrade should encourage greater use of multisig transactions and Lightning Network channels, as well as the building of lightweight smart contracts on the Bitcoin network.
Other notable news from the weekend includes: The Indian government is reportedly intending to take “progressive” and “forward-looking” steps regarding cryptocurrency regulation, and is scheduled to meet with industry representatives today; Barbados is preparing to legally declare digital real estate sovereign land with the establishment of a metaverse embassy; a new decentralized autonomous organization named ConstitutionDAO has raised over $2.7m to acquire a rare print of the US constitution going up for auction at Sotheby’s; the US SEC went to court to enforce an investigative subpoena issued to Terraform Labs; and VC firm Paradigm has announced a new $2.5b venture fund for crypto companies and protocols.2021.11.15
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.