BTC is currently trading around $43,700 and ETH around $3,100. Notable gainers in the last 24 hours are NEO, CEL, and TFUEL. The global crypto market cap is $2.05T, down 1.0% over the last day. DeFi Total Value Locked is ~$211b and BTC dominance is around 43%.
It’s a notable day for NFTs and the metaverse, with corporations continuing to dive in. JP Morgan has become the first large bank in the metaverse after opening a virtual lounge in Decentraland. The bank also released a report on the metaverse calling it a $1 trillion opportunity. Additionally, the NYSE filed a patent trademarking its name for metaverse-related technologies and for an NFT marketplace. And Disney has created a metaverse team to explore a “new storytelling frontier.”
Other news includes: The Financial Stability Board warned that crypto asset markets could reach a point where they threaten global financial stability; a coalition of crypto companies has announced TRUST, a platform to help with FATF Travel Rule compliance while also protecting customer privacy; The Russian Ministry of Economic Development stated that crypto mining in the country should be allowed where energy is abundant; a US congressman has introduced a draft bill for the federal regulation of stablecoins; and, BlockFi will offer its BlockFi Interest Accounts as SEC-registered crypto interest-bearing securities.
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.