BTC is currently trading around $81,300 and ETH around $1,600. Notable gainers in the last 24 hours are HYPE, ONDO and RENDER. The global crypto market cap is $2.68T, up 6.1% over the last day. DeFi Total Value Locked is ~$86b and BTC dominance is around 63%.
Equity markets and crypto are surging after Trump announced a 90-day pause in tariffs, with all countries except for China having their reciprocal tariff rates set at 10% during this period. The pause will not apply to sectoral tariffs. Markets were lower earlier in the day after China and the European Union announced retaliatory tariffs on the US.
Notable news includes: the US Treasury will re-evaluate regulations that may be hindering innovation in blockchain, stablecoins, and emerging payment technologies, according to a speech by Treasury Secretary Scott Bessent; the digital assets subcommittee of the US House Financial Services Committee held a hearing to consider ideas for crypto market-structure legislation; the US FDIC is evaluating previous guidance that restricted the use of public blockchains by US banks, which it now considers too restrictive; Solana developers launched a new ‘Confidential Balances’ token extension to improve onchain privacy on the network; stablecoin infrastructure platform M^0 expanded to Solana; RWA protocol Centrifuge launched its multichain upgrade Centrifuge V3 in partnership with Wormhole; and, crypto gaming firm Immutable will be merging its two blockchains Immutable X and Immutable zkEVM, with the former migrating its assets and functionality to the latter.
Sign up to conveniently receive GSR crypto content in your inbox.
Author:
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
This material is provided by GSR (the “Firm”) solely for informational purposes. It is not intended to be advice or a recommendation to buy, sell or hold any investment mentioned. Investors should form their own views in relation to any proposed investment.
It 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 an independent research report, and has not been prepared in accordance with any legal requirements by any regulator (including the FCA, FINRA or CFTC) designed to promote the independence of investment research.
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 may trade investments 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. The Firm is not subject to any prohibition on dealing ahead of the dissemination of this material.
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. The Firm does not plan to update this information.
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.
Please see here for additional Regulatory Legal Notices relevant to US, UK and Singapore.
