BTC is currently trading around $30,600 and ETH around $1,900. Notable gainers in the last 24 hours are FLEX, XRD, and BCH. The global crypto market cap is ~$1.23T, up ~0.7% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 52%.
Notable news includes: Democratic Congresswomen Maxine Waters wrote to Treasury Secretary Yellen and SEC Chair Gensler seeking comment on the GOP-led digital assets bill; The Reserve Bank of India anticipates reaching 1M CBDC users by end of month; The Swiss National Bank unveiled a “real money” CBDC pilot; FTX has recovered ~$7b in assets so far, with another ~$2b remaining to cover the misappropriations; Robinhood axed ~7% of full-time staff in its last round of layoffs; zkSync launched its customizable tech stack – the ZK Stack – for creating ZK-powered L2 and L3 networks on Ethereum to compete with Optimisms’s OP Stack; Tezos’s Nairobi upgrade is expected to increase the chain’s speed by ~8x; the Volatility Shares 2x Bitcoin Strategy ETF is launching today; Riot purchased 33,000 mining rigs from MicroBT for ~$162m and secured an option to purchase an additional 66,000 rigs; Bitcoin miner Hut 8 secured a $50m credit facility from Coinbase; Damus was booted from Apple’s App Store despite arguing that Bitcoin tips were not used to “unlock services”; staked ETH balances surpassed the liquid ETH balances sitting on centralized exchanges; Azuki unveiled its new Elementals collection; the BAYC NFT collection’s floor price hit an 18-month low; Bitcoin Cash rallied more than 100% in the last week after EDX Markets listed the coin; and, Eric Wall’s unique Orb / consulting NFT was relinquished amidst a 300% tax burden placed on its owner due to its use of a Harberger tax.
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.
