BTC is currently trading around $84,000 and ETH around $1,950. Notable gainers in the last 24 hours are IP, XDC and LTC. The global crypto market cap is $2.85T, down 0.3% over the last day. DeFi Total Value Locked is ~$93b and BTC dominance is around 62%.
Equity markets are lower on continued negative macro sentiment. Crypto markets, meanwhile, are little changed.
Notable news includes: The government of Australia unveiled plans to develop a digital asset regulatory framework with the goal of becoming a global industry leader; the US Treasury Department lifted its sanctions on Tornado Cash; US SEC staff clarified that proof-of-work mining does not implicate US securities laws; the Trump administration proposed using blockchain technology for aid distributions as part of a plan to restructure USAID; the US OCC said it has ended examinations of national banks and other financial institutions for reputation risk following criticism from the crypto industry; the DTCC joined the ERC3643 Association to help promote the Ethereum token standard of the same name for tokenized securities; Strategy announced it expects to raise over $700m via the sale of its new preferred stock series, up from its original $500m goal; Eric Trump joined the advisory board of Tokyo-listed Bitcoin treasury firm Metaplanet; the first US-listed Solana futures ETFs by Volatility Shares began trading; Mysten Labs announced it raised $140m for a decentralized storage protocol called Walrus; and, LG Electronics will close down its NFT platform LG Art Lab.
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.
