people remote working

Trading Desk Market Update: 6/2

June 2, 2022

BTC is currently trading around $30,100 and ETH around $1,850. Notable gainers in the last 24 hours are WAVES, EVMOS, and XMR. The global crypto market cap is $1.30T, down 4.6% over the last day. DeFi Total Value Locked is ~$108b and BTC dominance is around 47%.

Global equity markets appear headed for a positive day with oil prices falling on reports that Saudi Arabia may announce production increases at today’s OPEC+ meeting. Crypto markets are down with alts leading the plunge as Solana suffered its fifth outage of the year. Investors may look to glean insights from an array of employment data releases coming today and tomorrow morning.

Other notable news includes: South Korea revealed they are launching a Digital Assets Committee to oversee crypto exchanges as early as next month; Germany issued guidance on crypto securities; the NY Fed president warned colleagues to prepare for the coming digital payment transformation as he referenced CBDCs and fiat-backed stablecoins; the CFTC commissioner warned crypto investors that they should view new crypto tokens as lottery tickets; Solana went down for ~4 hours and required a coordinated restart as a bug prevented validators from achieving consensus; the Waves founder admitted that the USDN algorithmic stablecoin “needs tweaking” amidst another de-pegging event; OpenSea’s former head of product was arrested by the FBI in connection with insider trading of NFTs; FTX surpassed Coinbase as the second-largest centralized crypto exchange by spot volume in May; Coinbase revealed their process for listing new altcoins; Kraken defended their listing of LUNA 2.0; Genesis ramped up their DeFi presence by contributing $75m to Maple’s Solana-based lending platform; an increased number of Bitcoin miners are selling their newly produced bitcoin; Kraken launched staking features through their mobile app; Chipotle announced they will now accept cryptocurrency payments through Flexa; the Purpose Bitcoin ETF in Canada has breached new AUM highs despite challenged crypto performance; the Soros’ Fund CEO said that crypto is “here to stay”; Facebook revealed plans to change their ticker to META; the Goblintown NFT floor price nearly breached nine ETH; and, Sam Bankman-Fried signed the ‘Giving Pledge’. 

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.