BTC is currently trading around $57,500 and ETH around $4,200. Notable gainers in the last 24 hours are LN, EGLD, and CRV. The global crypto market cap is $2.70T, down 2.0% over the last day. DeFi Total Value Locked is ~$259b and BTC dominance is around 43%.
El Salvador’s government announced plans to build a carbon-neutral bitcoin-themed city at the base of the Conchagua volcano that will be used to mine the token using geothermal power. The city will have residential and commercial areas, services, entertainment, restaurants and an airport. Construction will begin in 2022 and the city will have no taxes except from value added tax. El Salvador also announced plans to issue up to $1b in a new bitcoin bonds via Blockstream’s Liquid Network.
In other news, Ethereum layer 2 total value locked has more than doubled over the past couple of months to hit a new all-time high of $5.6b, per L2beat. Payments giant Square released a white paper detailing plans for a forthcoming tbDEX, an easily-accessible crypto exchange that aims to bridge users from fiat currencies to digital assets and unleash the potential of Bitcoin and decentralized financial infrastructure. Lastly, Avalanche has broken into the top ten coins by market cap after AVAX increased 106% over the last 30 days. Recent strength has been attributed to its partnership with accounting firm Deloitte to build its disaster relief platforms atop the Avalanche blockchain platform, as well as Avalanche’s rising TVL, which is up 70% over the last month.2021.11.22
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.