BTC is currently trading around $90,900 and ETH around $3,300. Notable gainers in the last 24 hours are FTM, INJ, and SEI. The global crypto market cap is $3.28T, down 5.4% over the last day. DeFi Total Value Locked is ~$117b and BTC dominance is around 59%.
Equity markets are mixed as they digest Trump’s announcement pledging tariffs on Mexico, Canada, and China, as well as the Fed meeting minutes that conveyed plans for gradual rate cuts, though with timing and magnitude unspecified. Meanwhile, crypto markets continued to retreat from their recent highs. While some blamed a “sell wall” for Bitcoin near $100,000 or, jokingly, Jim Kramer’s recent endorsement, the pull-back is likely profit-taking in the wake of an epic run.
Notable news includes: The UK FCA released a regulatory roadmap aiming to implement a crypto regime by 2026; Morocco is preparing to launch new digital assets regulation and legalize cryptocurrencies; the Central Bank of Iran promised to launch a CBDC in the near future; Brazil introduced a bill proposing to create a strategic Bitcoin reserve; the US customs agency held shipments of Bitmain rigs due to sanctions concerns; Ripple contributed another $25m to the Fairshake PAC; Trump was reported to hold over $5m of crypto; Justin Sun was named an advisor to Trump’s World Liberty Financial after investing $30m; video streaming service Rumble announced it will invest up to $20m into Bitcoin; Valour launched the first-ever Dogecoin ETP in the Nordics; Kraken announced it will close its NFT marketplace; Zodia Custody partnered with Securitize to offer compliant custody solutions for tokenized assets; Alluvial launched a staking management hub; Ethereum reclaimed USDT dominance from Tron; Ethereum blob usage surged; Starknet became the first rollup to deploy native staking; Move-based rollup network Movement introduced its native MOVE token; Avalanche’s Avalanche9000 upgrade that makes it easier to launch a new chain went live on testnet; the ASI Alliance launched a decentralized AI model focused on industries called Cortex; Truth Terminal, the Twitter-based AI agent that promoted Goatseus, integrated with other AI models; and, Farcaster teased its Frames v2 launch.
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.
