BTC is currently trading around $20,100 and ETH around $1,550. Notable gainers in the last 24 hours are AR, FTM, and FLOW. The global crypto market cap is ~$1.04T, down ~0.3% over the last day. DeFi Total Value Locked is ~$54b and BTC dominance is around 40%.
The market’s key theme yesterday was the disconnect between the prepared FOMC statement, which was more dovish, and the subsequent press conference 30 minutes later, which was more hawkish. The S&P 500 rallied more than 1% between 2 and 2:30 pm before falling ~3.5% from its peak once the press conference started. Crypto behaved similarly, with BTC and ETH rallying on the initial statement before declining ~2.5% and ~5% into the equity close, respectively. The U.S. 10Y yield moved from about 3.98% to 4.20% over this period as well. The BoE followed this morning, issuing its first 75 bp rate hike in over three decades, in line with expectations. Contrary to the Fed, however, the BoE expressed a notably dovish tone as Governor Bailey said that the market-implied expectations for rate hikes are larger than what they believe will be needed. The downward market trend continues as equities, bonds, and crypto move lower to start the morning.
Notable news includes: Singapore’s MAS initiated a wholesale CBDC project for cross-border payments; Meta will use Arweave to store NFTs from Instagram; cloud service provider Hetzner blocked access for Solana validators over a TOS breach; crypto exchange Zipmex is reportedly near a $100m rescue deal in return for 90% of its equity; Dapper Labs cut ~22% of staff; Lightning network developers fixed a critical bug; Arbitrum transaction activity is up 550% since August; Aave voted to deploy on zkSync; a new oracle system from API3 is expected to help dapps retrieve the MEV costs that its users experience; Bitcoin miner Iris Energy faces a default by November 8th on financed ASIC rigs; Bitdeer filed for its third extension to delay its SPAC again; Solana-based NFT marketplace Exchange.Art created a royalty protection standard that will prevent the NFTs created on its platform from being traded on unintended marketplaces; crypto fund-of-funds Protocol Ventures is shutting down; and, EVMOS developers raised $27m in a token sale led by Polychain.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the 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. The Firm is not and does not act as an advisor or fiduciary in providing this material.
This material is not a research report, and not subject to any 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 the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.
Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) 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. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.
