BTC is currently trading around $20,100 and ETH around $1,100. Notable gainers in the last 24 hours are USTC, 10SET, and LEO. The global crypto market cap is $0.93T, down 5.5% over the last day. DeFi Total Value Locked is ~$73b and BTC dominance is around 44%.
Risk markets appear to be stabilizing following yesterday’s sharp losses that were driven by a worse than expected consumer confidence reading in the U.S. Global equities are mixed this morning while bonds have caught a bid. Crypto was not immune from the risk-off move as large smart contract platforms like Ethereum, Solana, Polkadot, and Avalanche are all down more than 9.5% over the last day. Investor focus will be on an ECB panel discussion this morning that features central bank heads from the U.S., the Eurozone, and the UK.
Notable news includes: Three Arrows Capital received a liquidation order from a court in the British Virgin Islands; the lower house of the Russian legislature has passed a bill to remove VAT and lower income taxes on digital asset sales; Kazakhstan’s president told ministers to create favorable conditions for cryptocurrencies; a Riksbank official noted that CBDCs will not be a panacea for international payments as some governments may restrict foreign access; BlockFi received a Money Services License in Iowa; the CoinFLEX CEO noted that Roger Ver is the counterparty that owes them $47m under a personal guarantee, but Roger Ver alleged that CoinFLEX owes him money; the CEO and CFO of Compass quickly resigned yesterday in the days following allegations that the company failed to make payment to a hosting service provider; ~75% of Marathon’s mining fleet is still offline two weeks after a storm in Montana; mining pool Luxor launched a hosting marketplace for Bitcoin miners amidst build-out delays; Bitcoin miner Mawson revealed it will defer all CapEx plans until market conditions stabilize; Anchorage launched Ethereum staking for institutional investors; Circle inked a custody deal with New York Community Bancorp; OKX revealed plans to increase staff by 30% despite the market downturn; Optimisms’ TVL doubled as trading activity has surged on the L2 network; top employees are allegedly heading to the exit at Babel Finance as clients funds still remain frozen; a MakerDAO proposal to invest 500m Dai into a combination of US treasuries and bonds is being voted on; Cardano’s Vasil hardfork is expected to commence on testnet next week; Citadel Securities named a CEO for its crypto trading venture; blockchain firm PolySign raised $53m to expand staff; crypto data provider Kaiko also raised $53m in a new funding round; and, Microstrategy invested another $10m into the bitcoin dip.
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.