BTC is currently trading around $99,100 and ETH around $3,350. Notable gainers in the last 24 hours are VIRTUAL, ai16z, and XDC. The global crypto market cap is $3.61T, up 4.0% over the last day. DeFi Total Value Locked is ~$122b and BTC dominance is around 58%.
Equity and crypto prices are higher after US core inflation unexpectedly slowed in December and as US bank earnings got off to a strong start. In addition, there were further clues that the US will push to bring clarity to its crypto rules with the US Senate Banking Committee chair stating that a digital assets regulatory framework will be a priority, and news outlets reporting that pro-crypto SEC Commissioners Peirce and Uyeda will start clarifying crypto rules immediately upon Trump taking office.
Notable news includes: South Korea began discussions to develop the second part of its crypto regulatory framework; Thailand proposed banning Polymarket but is considering approving local Bitcoin ETFs; Malaysia’s PM discussed establishing crypto regulatory frameworks with Binance and UAE officials; a Hong Kong court served a tokenized legal notice to illicit Tron wallets; the Bank of England launched the Digital Pound Lab; SEC Chair Gensler stated that the agency has “never said” that Bitcoin and Ethereum are securities during an interview; the CFTC is considering probes on sports betting event contracts offered by crypto.com; US prosecutors asked a judge to green light the return of ~80% of the Bitcoin stolen in the 2016 Bitfinex hack; options trading platform Deribit is reportedly working with advisors to evaluate interest from potential buyers; rumors circulated that Yuga Labs will sell the IP rights to CryptoPunks; Sotheby’s will auction off NBA Top Shot NFTs; ai16z developer Eliza Labs published a white paper outlining a vision for Web3-native artificial intelligence agents; Up Network and DreamSmart launched web3 AI glasses; LayerZero introduced a high-performance verifiable database for blockchains called Quick Merkle Database; and, Switchboard will become the first Solana oracle network to go live on Jito’s restaking platform.
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.
