BTC is currently trading around $27,600 and ETH around $1,850. Notable gainers in the last 24 hours are BSV, BGB, and LDO. The global crypto market cap is ~$1.19T, down ~1.0% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 48%.
Notable news includes: SBF’s defense seeks to dismiss all but three conspiracy charges: securities fraud, commodities fraud, and money laundering; Bittrex filed for Chapter 11 bankruptcy protection in Delaware; Coinbase requested the SEC make several revisions to its proposed RIA custody rule; OrBit markets will begin offering worst-of put options on bitcoin/gold baskets; Bitcoin maintained a nearly $700 premium on Binance US over Coinbase; MakerDAO launched a new DAI lending solution called Spark Protocol; an explosion of BRC-20 tokens has sent Bitcoin transaction fees above block rewards for the first time in years; Binance incorporated Ordinals into its NFT market; Hut 8’s Alberta mining facility is running at ~15% of capacity due to electrical issues; Ripple expects its SEC lawsuit to cost ~$200m in aggregate; Sam Altman’s Worldcoin launched its Polygon-based crypto wallet, World App; Peer-to-peer crypto marketplace Paxful is back online for the first time since April; Celsius is reportedly being targeted for acquisition by Apollo and NovaWulf; Spotify reportedly deleted thousands of AI-generated songs; and, Shaq’s lawyers claim he has yet to be properly served for promoting FTX, saying papers “were thrown at his car, and landed on a public road.”
Sign up to conveniently receive GSR crypto content in your inbox each morning.
Authors:
Matt Kunke, Research Analyst | 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.
