BTC is currently trading around $22,900 and ETH around $1,650. Notable gainers in the last 24 hours are FET, GRT, and RNDR. The global crypto market cap is ~$1.11T, down ~1.0% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 43%.
Markets are down broadly entering the week, with equities, bonds, and crypto all slightly lower. It’s a relatively light week, with speeches from Christine Lagarde and Jay Powell today and tomorrow, German CPI on Thursday, and UK GDP on Friday being some of the more prominent events. Earnings will also continue to be a factor despite passing the peak of the most pivotal releases.
Notable news includes: South Korea broadened its rules defining security tokens; FTX formally asked politicians who received donations from SBF to return the money; Filecoin’s protocol labs laid off one-fifth of its staff; crypto exchanges made up 84% of the industry’s reported job cuts in January; a committee was appointed to represent the interests of Genesis’s unsecured creditors; the bidding deadline was extended for FTX Japan; a single entity withdrew $120m in bitcoin from crypto exchange Gate; as a prominent investor in LayerZero, a16z controversially voted against Uniswap’s deployment on BNB Chain due to the proposals use of Wormhole as the bridge provider; StarkWare announced plans to open source its proprietary StarkNet Prover under the Apache 2.0 license; StarkWare partnered with Chainlink to onboard its oracle services to StarkNet; decentralized options protocol Lyra deployed on Arbitrum; FTM soared as Fantom prepared to relaunch its native stablecoin; NounsDAO revealed its creating an NFT comic book series; crypto VC firm Pantera’s co-CIO Joey Krug departed the firm after its liquid token fund lost ~80% in 2022; Ethereum restaking protocol EigenLayer raised $50m; Jack Dorsey-backed decentralized Twitter alternative Damus was banned in China; and, the pseudonymous founder behind the Little Shapes NFT project revealed it was actually a social experiment designed to shed light on NFT botnet scams, claiming in a 158-page document that NFT Twitter was largely manipulated by a single botnet.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, 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.
