BTC is currently trading around $21,000 and ETH around $1,400. ATOM and ICP are the only gainers in the last 24 hours. The global crypto market cap is $1.00T, down 5.2% over the last day. DeFi Total Value Locked is ~$81b and BTC dominance is around 43%.
Risk markets are selling off broadly this morning while global bonds have caught a bid. Walmart is down ~8.5% after lowering its guidance due to hampered consumer demand from rising food and energy costs. The IMF also issued concerns about the “gloomy” growth outlook, reducing its prior global GDP growth forecasts from April by 0.4% and 0.7% in 2022 and 2023, respectively. Investors will continue to focus on corporate earnings with Microsoft and Alphabet reporting after the bell today. All eyes will shift to the Fed’s response and interest rate decision tomorrow afternoon.
Notable news includes: The U.S. stablecoin bill is expected to be delayed until September, but draft language is expected shortly to spur the conversation; The SEC is probing Coinbase for allegedly allowing U.S. users to trade unregistered securities; a pair of U.S. senators introduced a bill to exempt crypto transactions valued at less than $50 from capital gains tax; The CFTC announced its new tech innovation office to oversee crypto; a Chinese central bank official claimed the country will respect the privacy of digital yuan users; Bitstamp registered to operate in Italy; Moonbeam partnered with Osmosis to enable cross-chain token swaps between the Polkadot and Cosmos ecosystems; Curve applied for a 1m OP token grant from Optimism; Coinbase Wallet added new functionality to view offers on NFT marketplaces Rarible and OpenSea; FOMO Pay tapped Ripple’s on-demand liquidity solution for treasury management; Square Enix partnered with Enjin to launch Final Fantasy collectibles; LidoDAO vetoed the sale of ~$14.5m of LDO tokens to Dragonfly Capital; layer 1 blockchain Aptos raised $150m in a round co-led by FTX Ventures and Jump; and, Chipotle launched its new interactive game “Buy the Dip” which will give away crypto rewards in the spirit of national avocado day.
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.
