BTC is currently trading around $29,500 and ETH around $1,750. Notable gainers in the last 24 hours are LEO, XTZ, and GALA. The global crypto market cap is $1.27T, down 6.0% over the last day. DeFi Total Value Locked is ~$106b and BTC dominance is around 47%.
Risk markets are reversing yesterday’s gains and resuming the broader downtrend. Over $215m of crypto positions have been liquidated in the past day, exacerbating the move downward.
Other notable news includes: Senators Gillibrand and Lummis unveiled their new crypto bill seeking to treat most crypto as commodities; Binance’s BNB token is facing a probe by the SEC; Fireblocks revealed a partnership with checkout.com that will offer merchants instant fiat-to-stablecoin conversion for customer payments to support 24/7 settlement; IOTA partnered with Dell to develop a solution for the real-time tracking of carbon footprints; a report indicated TRON’s claims of USDD overcollateralization may be false; a Twitter user revealed that the BAYC NFT smart contract allows a single, non-multi-sig wallet, to mint an unlimited number of Apes, a concern that was acknowledged by the BAYC team; Lido proposed a $17m ETH sale to prepare for a potential “bear market”; a Reuters report indicated at least $2.4b in crypto has been laundered through Binance; Binance refuted money laundering claims; Blockdaemon launched a permissioned liquid staking protocol catering to institutional investors that want to stake ETH; Argo’s bitcoin production dropped 25% in May due to unplanned downtime at their new Texas facility; the Epic Games Store will host its first web3 game later this year; BlockFi is set to close a down funding round at a valuation of $1b; Illuvium raised $72m from land sales; Indonesian crypto exchange Pintu raised $113m; the English Premier League filed crypto and NFT trademarks; Apple unveiled a new buy now, pay later feature in Apple Pay; and, Elon Musk is seeking to exit his previously proposed acquisition of Twitter.
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.
