Daily Market Update: May 7, 2024

May 7, 2024

BTC is currently trading around $63,600 and ETH around $3,100.  Notable gainers in the last 24 hours are RNDR, ENA, and AGIX.  The global crypto market cap is $2.47T down 0.2% over the last day.  DeFi Total Value Locked is ~$93b and BTC dominance is around 55%.

Notable news includes: Hong Kong’s central bank launched an initiative to explore asset tokenization; the US SEC issued a Wells Notice to Robinhood Crypto to warn the company that it anticipates filing an enforcement action over alleged securities violations; Colombian bank Bancolombia launched a crypto exchange Wenia and peso stablecoin COPW; Revolut launched crypto trading platform Revolut X for UK retail customers; crypto wallet developer Exodus will list its stock on the NYSE; hashprice, which measures the revenue per TH/s for Bitcoin miners, fell to an all-time low; NFT platform Ethernity launched its own L2 for improved security and UI/UX; Polygon launched the alpha testnet for its its ZK-based, parallel processing, privacy enhancing L2 Miden; and, MetaMask is rolling out Smart Transactions to protect against certain kinds of MEV.

Sign up to conveniently receive GSR crypto content in your inbox.

Author:
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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.