Trading Desk Market Update: 6/14

June 14, 2022

BTC is currently trading around $22,500 and ETH around $1,200. Notable gainers in the last 24 hours are HNT, BSV, and THETA. The global crypto market cap is $0.99T, down 3.8% over the last day. DeFi Total Value Locked is ~$79b and BTC dominance is around 46%.

Equity markets are taking a breather following yesterday’s rout with mixed performance internationally and US futures pointing to a slightly positive open. Crypto is similarly mixed with BTC and ETH down 9% and 5.8%, respectively, but many large alts such as ADA, SOL, DOT, and AVAX have caught bids and are up mid single digits. Markets are now pricing in back-to-back 75 basis point hikes from the Fed, so investors will turn their attention to the onslaught of data releases throughout the remainder of the week beginning with the Fed’s interest rate decision tomorrow.  

Other notable news includes: crypto markets saw more than $1b of liquidations during yesterday’s market rout; NYC Mayor Eric Adams revealed plans to ask Governor Hochul to consider vetoing NYC’s mining moratorium; Coinbase announced plans to layoff 18% of its workforce in preparation for a recession and ‘crypto winter’; BlockFi announced 20% of its staff will be laid off to prioritize its profitability goals; laid off 5% of its workforce; Binance revealed plans to expand hiring despite the market downturn; a new report from blockchain analytics firm CipherTrace reiterated that illicit crypto usage continued to fall as a percentage of total crypto usage; Celsius topped up more collateral on a Maker DAO loan to avoid liquidation; USDD’s peg broke and fell below $0.98 amidst Monday’s market selloff; large short interest pushed the funding rate of TRON’s TRX to -500% annually; Cardano announced plans for an EVM sidechain with a version currently available on its testnet; Osmosis fixed the bug that caused its liquidity exploit and is now back online; Ethereum flash crashed below $950 on Uniswap as a whale dumped 94k ETH; a US trademark filing hinted Arizona State University may be planning classes in the Metaverse; Terra investors filed a class-action lawsuit against Binance.US alleging the exchange misrepresented UST; Bitcoin mining equipment older than 2019 is now largely unprofitable; and, Richard Branson is ramping up efforts to prevent use of his name in fraudulent crypto schemes. 

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.