BTC is currently trading around $44,600 and ETH around $3,000. Notable gainers in the last 24 hours are WAVES, RUNE, and NEAR. The global crypto market cap is $2.05T, up 14.1% over the last day. DeFi Total Value Locked is ~$210b and BTC dominance is around 44%.
Bitcoin is up 20% over the last 24 hours despite the escalating war in Ukraine. Peace talks ended yesterday with both Ukrainian and Russian officials returning to their capitals for deliberation. Meanwhile, Russia attacked Kharkiv, Ukraine’s second largest city, and a 40 mile long convoy is nearing Kyiv. With global equity markets mixed, some are attributing the move in crypto to heavy Russian and Ukrainian demand and more generally, war making the case for decentralized currencies that cannot be controlled by a government.
In other news: Russia’s central bank governor said its global payments will continue to function despite the SWIFT ban due to its internally-developed payments system SPFS; The University of Cambridge has created the Cambridge Digital Assets Program with 16 participating entities to enable evidence-based dialogue in digital assets; Binance, Coinbase, and Kraken have declined the Ukrainian Minister’s request to freeze Russian accounts; and, LUNA has gained 82% in seven days, overtaking Cardano and Solana by market cap.
This material is a product of the GSR Sales and Trading Department. It is not a product of a Research Department, not a research report, and not subject to all 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 your interests. The Firm trades instruments discussed in this material for its own account. The author may have consulted with the Firm’s traders and other personnel, who may have already traded based on the views expressed in this material, may trade contrary to the views expressed in this material, and may have positions in other instruments discussed herein. This material is intended only for institutional investors. Solely for purposes of the CFTC’s rules and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and should not be considered to be a derivatives research report.This material is provided solely for informational purposes, is intended for your use only and does not constitute an offer or commitment, a solicitation of an offer or comment (except as noted for CFTC purposes), or any advice or recommendation, to enter into or conclude any transaction (whether on the indicative 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. Information is based on sources considered to be reliable, but not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made 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. GSR will not be liable whatsoever for any direct or consequential loss arising from the use of this Information. Copyright of this Information belongs to GSR. Neither this Information nor any copy thereof may be taken or rented or redistributed, directly or indirectly, without prior written permission of GSR. Not a solicitation to U.S. Entities or individuals for securities in any form. If you are such an entity, you must close this page.
