Weekly Market Index

Last week’s crypto market prices were up +10.10%. Volume and volatility also increased by +20.76% and +72.69%, respectively.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) were up +5.6% and +12.5% in the past seven days, respectively. Other selected top-cap tokens also mostly rose.

News Highlights

• Ethereum successfully completed its Shanghai upgrade, which introduces an important new feature that allows validators who previously staked ETH to withdraw those tokens for the first time.

• The US consumer price index rose 5% YoY in March, below market expectations. The data showed that while inflation is still well above the Federal Reserve’s policy target of 2%, it is showing continuing signs of decelerating.

• LCH, the clearinghouse arm of the London Stock Exchange Group, will offer clearing services for cash-settled Bitcoin index futures and options. 

• Hong Kong’s biggest virtual bank, ZA Bank (ZA), will offer crypto-to-fiat currency conversions over licensed exchanges. ZA will act as a settlement bank for clients to allow withdrawals in Hong Kong, China and US currencies after they deposit crypto tokens with exchanges.

• The US House Financial Services Committee published a draft version of a potential landmark stablecoin bill, with proposals including a moratorium on stablecoins backed by other cryptocurrencies and a request to study a central bank digital currency (CBDC).

Recent Research Reports

• Monthly Research Roundup (March 2023): In this issue, we feature trending market insights, our latest Crypto.com Visa Card Consumer Spending Insights for 2022, and our research reports on liquid staking derivatives.

• Liquid Staking Derivatives: Money Legos in DeFi: Liquid staking is now the second largest sector in crypto after DEXes, replacing DeFi lending. Today the liquid staking narrative remains strong in anticipation of Ethereum’s Shanghai upgrade, and this report explores its current landscape.

• Alpha Navigator: Quest for Alpha [March 2023]: Bitcoin shines amid banking sector turmoil. Market expects a pause in rate hikes, potentially setting up new tailwind for risk assets.

Catalyst Calendar

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