Weekly Market Index

Last week’s crypto market prices rose slightly by +1.81%. Volume increased by +31.69%  while volatility decreased by -10.48%.

Chart of the Week

The first-ever US spot Bitcoin exchange-traded funds (ETFs) were approved last week by the Securities and Exchange Commission (SEC). The eleven ETFs started trading on 11 Jan 2024 and totaled US$7.69 billion in trading volume on the first two days of trading. Grayscale’s ETF had the largest share of the trading volume, followed by BlackRock and Fidelity.

Weekly Performance

Bitcoin (BTC) dipped by -3.5% while Ethereum (ETH) rose +13.1%, respectively, in the past seven days. Price action for other selected top-cap tokens was positive.

Selected key categories all rose in terms of market cap change in the past seven days.

News Highlights

• The US Securities and Exchange Commission (SEC) approved the first-ever US spot Bitcoin exchange-traded funds (ETFs) last week. Eleven ETFs were approved, including those from Grayscale and TradFi giants BlackRock and Fidelity.  

• US inflation as measured by the consumer price index (CPI) rose 3.4% YoY in December 2023, up from 3.1% in the previous month. It was also above the 3.2% estimate from economists surveyed by Dow Jones.

• Circle Internet Financial, the issuer of the USDC stablecoin, files for an initial public offering (IPO) in the US.

• Sotheby’s offered its first curated Ordinals sale last week. As part of its ongoing “Natively Digital” series, Sotheby’s opened bidding in a curated auction for these digital collectibles—known as Ordinals—inscribed on the Bitcoin blockchain.

Recent Research Reports

• Exploring the Future of Blockchain Gaming: Trends and Opportunities: A comprehensive review of the blockchain gaming industry, the state of the gaming market, current challenges and opportunities, and what lies ahead for on-chain games.

• Research Roundup Newsletter [November 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in November, charts of the month, and our exploration of new developments within the Bitcoin ecosystem.

• 2023 Year Review & 2024 Year Ahead: 2023 has been an eventful year for the crypto industry. In this report, we curate the top crypto events and trends of 2023, followed by our outlook for 2024.

Recent University Articles

• What Is Nakamoto Consensus? The Mechanism That Powers Bitcoin: Learn about the original blockchain consensus mechanism, the Nakamoto Consensus, that still powers Bitcoin today.

• On-Chain vs Off-Chain Cryptocurrency Transactions: What Is the Difference?: Learn the difference between on-chain and off-chain cryptocurrency transactions and how they work on the blockchain.

• Bitcoin Halving 2024: What to Know: In this article, learn the dynamics of Bitcoin halving — what previous events have shown, and what future ones may involve.

Catalyst Calendar

Disclaimer:

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

Thank you for reading! We hope you find Market Pulse, our new weekly market insights newsletter enlightening!

Hungry for more? Visit our Research Hub and University to access other insightful crypto research! 

Share with a friend if you like our email!

Share