BTC is currently trading around $23,300 and ETH around $1,650. Notable gainers in the last 24 hours are APE, UNI, and SNX. The global crypto market cap is $1.12T, up 2.7% over the last day. DeFi Total Value Locked is ~$88b and BTC dominance is around 42%.
Equities and crypto are up modestly this morning while bonds are selling off beyond hawkish comments from several Fed officials. Today’s positive performance may be partially attributable to Nancy Pelosi’s smooth trip to Taiwan as the severity of China’s response undershot expectations. On the crypto front, a widespread exploit on Solana has impacted 15,000+ wallets, according to Solscan. While the precise avenue of the exploit is still undetermined, Solana Labs co-founder Anatoly Yakovenko has indicated it’s likely to be a mobile wallet supply-chain attack.
Notable news includes: Robinhood’s crypto division was fined $30m by the NYDFS for AML, cybersecurity, and consumer protection violations; Robinhood additionally announced more lay offs amounting to ~23% of its workforce; Blockchain.com received a regulatory registration in the Cayman Islands; crypto exchange Luno received a regulatory registration in France; Zipmex revealed plans to enable withdrawals for SOL, XRP, and ADA; Fireblocks integrated Tokeny for token minting; Messari acquired crypto fundraising intelligence company Dove Metrics; Microstrategy’s Michael Saylor moved to a new Chairman role while the company’s President and CFO has assumed the CEO position; crypto miner Digihost plans to move rigs from New York to Alabama; CleanSpark sold 426 bitcoin in July; Aave developers proposed freezing Fantom integration citing a lack of traction and the potential vulnerability; bitcoin ATMs returned to Tokyo for the first time since 2018; Oxford City Football Club revealed plans to accept bitcoin for tickets; Gucci became the first major brand to accept ApeCoin payments; OpenSea’s NFT gifting feature raised concerns about mislabeled transactions; Solana NFT marketplace Magic Eden expanded to Ethereum; crypto users spent $2.7b minting NFTs in 1H22; college textbook publisher Pearson revealed its plans to use NFTs to track digital textbook sales; crypto VC firm Hashed confirmed losses north of $3b from Terra exposure; and, CoinShares reported a ~$22m loss tied to Terra.
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.
