Trading Desk Market Update: 8/16

August 16, 2022

BTC is currently trading around $23,800 and ETH around $1,900. Notable gainers in the last 24 hours are DOGE, CHZ, and GMT. The global crypto market cap is $1.19T, down 1.2% over the last day. DeFi Total Value Locked is ~$90b and BTC dominance is around 40%.

Notable news includes: a report indicated that the EU will create a new crypto regulator to decrease the possibility of jurisdictional arbitrage between member states; the U.S. Federal Reserve revealed its plans to publish guidelines for crypto firms to access Fed master accounts; Coin Center said OFAC overstepped its authority by sanctioning Tornado Cash and they plan on challenging the sanctions in court; the Canadian regulatory council created a new preregistration filing for crypto platforms; the Australian Securities Exchange completed a proof-of-concept test towards tokenized asset trading; a new bill out of Brazil proposed tokenizing gold mined in the country; BitGo announced plans to sue Galaxy for $100m over the dropped acquisition; crypto lender Hodlnaut filed for creditor protection; Huobi announced plans to end crypto derivatives trading in New Zealand; Binance obtained an in-principal approval to operate in Kazakhstan; Coinify obtained regulatory approval to operate in Italy; received a preregistration undertaking from the Ontario Securities Commission; Brazilian brokerage firm XP launched BTC and ETH trading; TRM Labs confirmed it “does not engage in any” blocking of sanctioned addresses and it only provides risk data to DeFi protocols; StarkWare launched recursive proofs to further boost L2 scaling; Aave said that on-chain wallet address censorship would require DAO consensus; Yearn and Iron Bank integrated with Optimism; Bitcoin miner Greenidge paused its Texas expansion plans; Bitcoin miner Prime Blockchain and 10x SPAC cancelled their $1.25b merger deal; Acala burned 99% of the aUSD involved in its mint exploit; Interlay launched a bitcoin-backed stablecoin iBTC on Polkadot; holders of CryptoPunks and Meebits can now use their NFTs for commercial projects; crypto venture firm Dragonfly Capital rebranded to Dragonfly and acquired cryptocurrency hedge fund MetaStable Capital; and, Justin Bieber and Paris Hilton are among the 19 celebrities called out for shilling NFTs by the Truth in Advertising consumer watchdog group.

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.