BTC is currently trading around $29,900 and ETH around $1,900. Notable gainers in the last 24 hours are MKR, XDC, and DOGE. The global crypto market cap is ~$1.25T, down ~0.9% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 50%.
Notable news includes: FedNow went live in the US servicing early adopting banks and credit unions with 24/7/365 instant payments; Coin Center blasted the new Senate DeFi bill as ‘messy and unconstitutional’; the DoJ accused SBF of leaking Caroline Ellison’s diary in an attempt to discredit her as a witness; Wormhole launched a Cosmos appchain called Gateway that facilitates bridging from 20 different blockchains to any other Cosmos appchain; Paradigm-backed Utopia launched USDC stablecoin bank transfers allowing businesses in many jurisdictions to send USDC directly to a U.S. bank account; Moonbirds Mythics NFTs began their reveal process that will last for at least 200 days; OpenSea unveiled its peer-to-peer NFT swaps platform ‘Deals’; Bitmain launched its first Filecoin mining rig at a nearly $40k price tag; the French Central Bank’s CBDC tests indicated a wholesale CBDC would improve cross-border payments; Indonesia launched its national cryptocurrency exchange; and, Curve omnipool platform Conic Finance was exploited for ~$3.3m of ETH.
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.
