BTC is currently trading around $94,800 and ETH around $3,450. Notable gainers in the last 24 hours are PENGU, VIRTUAL, and BGB. The global crypto market cap is $3.49T, up 0.9% over the last day. DeFi Total Value Locked is ~$122b and BTC dominance is around 58%.
Notable news includes: Russia imposed a six-year ban on crypto mining in ten regions citing energy use; the Philippines SEC published draft rules for crypto service providers; the US IRS reiterated its position that staking rewards are income; Nokia applied for a patent focused on encrypting digital assets; Nasdaq-listed La Rosa Holdings announced its 3,000 real estate agents can receive commissions in Bitcoin; Matador Technologies announced a Bitcoin treasury reserve strategy; MicroStrategy reportedly filed to increase its share count by billions to purchase more Bitcoin; TeraWulf reached an agreement to lease a 70 MW data center to host AI; crypto.com launched a US institutional custody service; crypto.com launched a Polymarket-style sports prediction market in the US; crypto payments firm MoonPay is reportedly considering the acquisition of Helio; and, Hyperliquid Labs denied reports of a North Korean exploit and confirmed that all user funds are secure.
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.
