BTC is currently trading around $25,900 and ETH around $1,650. Notable gainers in the last 24 hours are XDC, XRD, and CRO. The global crypto market cap is ~$1.08T, up 0.5% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 49%.
It’s an uneventful morning for markets to close out the short week. Equities and rates are largely unchanged while crypto has maintained a very modest gain after this morning’s selloff unwound most of yesterday’s up move.
Notable news includes: The CFTC charged three DeFi protocols (Opyn, 0x, & Deridex) for violating AML rules and operating without licenses; a House committee will reopen discussions on a digital dollar beginning on September 14th; ex-FTX executive Ryan Salame has been ordered to forfeit more than $1.5b after pleading guilty to federal criminal charges tied to FTX; crypto startup LBRY filed its intent to appeal a state court’s decision that it failed to register with the SEC; Kraken’s UK derivatives unit is reportedly looking to expand its services; JPMorgan is reportedly pondering the launch of a new token to facilitate cross-border payments and settlement that’s distinct from its existing JPM Coin; Ant Group launched a new blockchain brand for web3 developers; Chinese social media giant Weibo purged crypto-related content and banned certain users; Pantera led a $16.5m investment into Brine Fi, a zk-powered DEX; Binance said it would reimburse $1m to users over its handling of the CyberConnect token incident; an Ethereum whale lost ~$24m of staked ETH in a phishing attack; and, the founder of the defunct Turkish crypto exchange Thodex was sentenced to more than 11,000 years in jail on Thursday.
Sign up to conveniently receive GSR crypto content in your inbox each morning.
Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | 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.
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.
