BTC is currently trading around $42,500 and ETH around $2,550. Notable gainers in the last 24 hours are TAO, RNDR, and WOO. The global crypto market cap is $1.77T, up 0.3% over the last day. DeFi Total Value Locked is ~$56b and BTC dominance is around 51%.
Global equities are down while yields are higher as investors fear the Fed could ease monetary policy more slowly than expected. Meanwhile, crypto is little changed as oral arguments on Coinbase’s motion to dismiss the SEC’s lawsuit kick off today.
Notable crypto news includes: The European Securities and Markets Authority unveiled its timeline for the implementation of the MiCA crypto regulation; the IRS exempted a new tax law requiring US businesses to report transactions over $10,000 for the time being; the trial of Terraform Labs’ cofounder Do Kwon was pushed back to late March due to challenges getting him to the US; crypto investment products have seen $424m of net outflows so far this week due to $1.2b in GBTC outflows, per CoinShares; ProShares filed for five leveraged and inverse Bitcoin ETFs; Bitcoin miner Core Scientific obtained court approval to emerge from bankruptcy and relist its shares in the coming days; Ethereum implemented the Dencun network upgrade on the Goerli testnet; and, Ethereum L2 Blast announced the official launch of its testnet and announced an airdrop allocation to developers.
Sign up to conveniently receive GSR crypto content in your inbox.
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. GSR is not authorised or regulated in the UK by the Financial Conduct Authority. The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services.
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.
