BTC is currently trading around $23,800 and ETH around $1,600. Notable gainers in the last 24 hours are OMI, FXS, and LDO. The global crypto market cap is $1.12T, up 4.2% over the last day. DeFi Total Value Locked is ~$87b and BTC dominance is around 43%.
Traditional markets are pointing to a calm day with global equities down slightly alongside a modest gain for bonds. Crypto is realizing another day of strong performance with bitcoin leading the charge. Bitcoin’s outperformance is a notable reversal from the recent trend that has been characterized by Ethereum performance leadership heading into the merge.
Notable news includes: UK regulators will introduce rules for the use of stablecoins as a means of payment to parliament today; Japan’s self-regulation experiment for digital assets is allegedly unraveling as disagreements between financial regulators and industry advocates have deepened; Colombia advanced the regulatory framework for its local crypto industry; Polygon deployed a testnet for its EVM-compatible zero-knowledge rollup platform; staking company Figment revealed plans to support MEV after the Ethereum merge; Lido proposed selling 2% of LDO tokens to diversify its treasury into stablecoins; BNP Paribas reportedly entered the crypto custody space by partnering with Metaco; crypto exchange Zipmex halted withdrawals due to ‘volatile market conditions’; legal documents indicated Vauld owes more than $400m to its creditors which includes ~$363m of retail investor deposits; Binance.US launched an affiliate marketing program in the wake of Coinbase ending its program; Gemini received a virtual asset service provider license in Ireland; OKX signed a partnership with TradingView enabling OKX users to execute trades on their TradingView accounts; Coinbase, Crypto.com, and BitGo received approval to operate in Italy; Foundry launched a training program to train technicians for the crypto mining industry; 21Shares launched risk-controlled BTC and ETH ETPs targeting 40% volatility through dynamic rebalancing; blockchain security firm Halborn raised $90m in a series A round; Zebedee raised $35m to power in-game payments via the Lightning Network; DeFi infrastructure startup XLD Finance raised $13m; and, Twitter secured an October trial against Elon Musk.
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.
