people remote working

Trading Desk Market Update: 7/22

July 22, 2022

BTC is currently trading around $23,600 and ETH around $1,600. Notable gainers in the last 24 hours are CRV, CVX, and NEO. The global crypto market cap is $1.12T, up 3.8% over the last day. DeFi Total Value Locked is ~$87b and BTC dominance is around 43%.

Notable news includes: The SEC charged a former Coinbase employee in a crypto insider trading plot; The SEC claimed that Coinbase listed nine crypto assets that are securities, Coinbase denied these allegations and criticized the SEC’s ineffective regulatory approach; SEC Chair Gensler reiterated his view that crypto lending firms fall under the SEC’s purview; Taiwan revealed plans to ban the use of credit cards for cryptocurrency purchases; received regulatory approval to operate in Cyprus; 3AC’s co-founders are reportedly heading to Dubai and seeking an orderly liquidation; SWIFT’s 2022 hackathon will focus on digital assets; added Google Pay as a payment option for Android users to buy cryptocurrencies; Mercado Bitcoin unveiled its plan to expand into Mexico; Binance began offering contracts for differences (CFDs) targeting wholesale traders in Australia; Zipmex confirmed outstanding loans worth ~$53m to Babel and Celsius; Curve’s founder confirmed the protocol will launch an overcollateralized stablecoin; Polygon launched Nightfall to provide zero-knowledge proof solutions to enterprises; ETH held on exchanges has plummeted as stakers prepare for The Merge; DeFi analytics platform Zappier added NFT and DAO dashboards; OpenSea debuted its Solana NFT launchpad; Epic Games said the firm “definitely won’t” follow Minecraft’s NFT ban; Bitcoin mining difficulty saw its largest fall in 12 months; Core Scientific raised $100m of equity financing despite the challenging environment; Commons Foundation signed a 100MW crypto mining deal in Paraguay; Hashflow raised $25m to support its crypto structured products launch; and, a research report from Citi indicated crypto contagion risks have likely peaked in the interim. 

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.