BTC is currently trading around $26,100 and ETH around $1,600. Notable gainers in the last 24 hours are TON, VET, and RLB. The global crypto market cap is $1.08T, flat over the last day. DeFi Total Value Locked is ~$37b and BTC dominance is around 50%.
Equity markets are little changed while bitcoin jumped as traders digest a mixed US inflation report. Headline CPI rose 3.7% year-over-year in August, 0.1 percentage points higher than expected, while core CPI, which excludes volatile food and energy prices, rose 4.3%, inline with expectations. Elsewhere, FTX submitted a revised order to the bankruptcy court early today outlining proposed guidelines for selling and transferring digital assets, and it may receive approval for selling assets later today.
Notable crypto news includes: India, Nigeria, and Thailand topped Chainalysis’ 2023 Global Crypto Adoption Index; the BIS and central banks of Hong Kong and Israel completed their retail CBDC test; US Senate Banking Committee Chairman Sherrod Brown criticized the crypto industry and praised SEC Chair Gensler for cracking down on abuse; Franklin Templeton filed with the SEC for a spot bitcoin ETF; HSBC is said to be working with crypto custody firm Fireblocks; Zodia Custody partnered with Parity Technologies to provide institutional custody for the Polkadot blockchain; Sony announced a joint venture with Startale Labs to develop a new blockchain platform; Coinbase introduced a web3 wallet for institutions; Huobi rebranded to HTX; BitMEX launched a prediction market; Binance.US cut one third of staff and its CEO Brian Shroder is departing; crypto exchange CoinEx was exploited, with reports pegging the amount between $27-54m and some connecting it to North Korea; DCG proposed a new agreement plan for Genesis Global creditors that would provide unsecured creditors with an estimated 70-90% recovery; BNB Chain’s Optimism-powered layer 2 platform opBNB went live on mainnet; the Opera browser announced plans for a stablecoin wallet called MiniPay in Africa; Telegram officially integrated the TON web3 wallet; a user accidentally paid $500,000 in fees for a $200 bitcoin transfer; Bitboy Ben Armstrong filed a lawsuit against his former Hit Network colleagues; SBF was denied temporary release from prison; and, OneCoin co-founder Karl Greenwood was sentenced to 20 years in prison.
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.
