Weekly Market Index

Last week’s crypto market prices were down -7.46%. Volume and volatility increased by +28.20% and +62.80%, respectively.

Weekly Performance

Bitcoin (BTC) was flat at -0.3% while Ethereum (ETH) rose slightly by +2.5% in the past seven days. Other selected top-cap tokens mostly fell.

News Highlights

• After depegging during the weekend, stablecoin USDC bounced back amid news of the US Federal Reserve’s US$25B funding program to support liquidity-troubled banks such as Silicon Valley Bank. Circle, issuer of USDC, also said it will “cover any shortfall” in the assets backing USDC in the event it does not receive the entirety of the US$3.3B reserves it was holding at Silicon Valley Bank.

• South Korea’s Ministry of Science and ICT announced investments in a US$30.2M fund dedicated to driving metaverse initiatives in the country. With the help of this Metaverse Fund, South Korea will support the mergers and acquisitions of various firms in the metaverse ecosystem.

• Bank messaging platform Society for Worldwide Interbank Financial Telecommunications (SWIFT) said that it witnessed positive results related to its pilot test of linking different central bank digital currencies (CBDCs).

Recent Research Reports

Catalyst Calendar

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