BTC is currently trading around $75,900 and ETH around $2,850. Notable gainers in the last 24 hours are RAY, NEIRO, and ENA. The global crypto market cap is $2.66T, up 1.2% over the last day. DeFi Total Value Locked is ~$94b and BTC dominance is around 61%.
Equity markets are higher ahead of today’s FOMC meeting where the Fed is widely expected to cut rates by 25 bps. Market participants will closely watch for commentary on the monetary policy outlook in the wake of a likely Republican election sweep. Crypto prices, meanwhile, are up small, though DeFi is exhibiting particular strength on hopes for a more friendly regulatory outlook.
Notable news includes: Polymarket predicts a 99% chance that Republicans will take the US House to make it a full sweep; US Senator Lummis asserted that the US will follow through on creating a strategic Bitcoin reserve; Bitcoin advocate Jason Lowery called on the US to create a US Bitcoin National Defense policy; the SEC moved to dismiss some of Kraken’s defenses in its lawsuit against the exchange; France is reportedly preparing to ban Polymarket; JP Morgan rebranded its Onyx blockchain platform to Kinexys after rolling out new infrastructure and capabilities; Hong Kong-based exchange Hashkey launched its HSK token; Miner Hut 8 forecasted a 66% increase in hashrate after purchasing 31,000 rigs; the Crypto Fear & Greed Index hit Extreme Greed; Ethereum developers introduced a temporary Mekong testnet ahead of next year’s Pectra upgrade; The Avalanche Foundation bought back 2m AVAX from the Luna Foundation Guard; Pump.fun recorded a new record monthly revenue in October; blockchain analytics firm Arkham launched a perps exchange; Wintermute proposed that synthetic dollar protocol Ethena activate a fee switch; Magic Labs and Polygon partnered for a cross-chain wallet solution; and, SVM-powered Ethereum L2 Eclipse launched its mainnet.
Sign up to conveniently receive GSR crypto content in your inbox.
Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | 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.
