BTC is currently trading around $21,900 and ETH around $1,500. There are not any notable gainers in the last 24 hours. The global crypto market cap is $1.05T, down 2.8% over the last day. DeFi Total Value Locked is ~$85b and BTC dominance is around 42%.
Global equity markets are mixed while global bond yields are moving higher. It’s a busy week ahead for earnings and economic data releases. The Fed will decide on interest rate policy Wednesday, with markets firmly expecting another 75-basis-point rate hike. Q2 GDP in the U.S. will follow on Thursday with consensus expecting a 0.4% rise QoQ. Investors will further look to glean insights from a busy week of earnings reports with ~1/3rd of S&P 500 companies reporting including market bellwethers such as Microsoft, Apple, Amazon, and Alphabet.
Notable news includes: a report from BCG concluded that crypto will reach 1b users by 2030; The Bank of Central African States has been urged by its board to introduce a common digital currency for its countries; Texas’ GOP called for crypto’s inclusion in the state’s Bill of Rights; California ended its ban on crypto donations to political campaigns; investment bank Moelis started a blockchain group; a report indicated Barclays is expected to invest millions of dollars into crypto custodian Copper; Zipmex obtained a memo of understanding from an unnamed party interested in buying the company; CoinFLEX proposed a plan to restructure its business and compensate depositors; a report indicated FTX is aiming to acquire South Korea’s second-largest crypto exchange; Coinbase’s nano Bitcoin futures trading volume surged on retail demand; Animoca Brands launched a DAO to develop open metaverse standards in partnership Dapper Labs, The Sandbox, and others; Uniswap revealed plans to integrate Sudoswap to access deeper NFT liquidity; blockchain infrastructure company Chain completed a $100m acquisition of the MDT token ecosystem; Star Atlas announced a revamped marketplace and the launch of Star Atlas DAO; Bitfitnex and Tether launched Keet, a peer-to-peer video calling app; Lido DAO began voting on a proposed token sale to VC firm Dragonfly Capital; Cardinal, a Solana-based NFT utility protocol, raised ~$4.5m; and, decentralized music platform Audius was exploited for ~$6m.
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.
