Crypto Market Pulse (20/11/2023)

Crypto.com granted Virtual Asset Service Provider licence in Dubai. Fidelity and BlackRock apply for spot ETH ETFs. CBOE to launch BTC and ETH margin futures trading in Jan 2024.

Weekly Market Index

Last week’s crypto market prices fell by -2.35%. Volume increased by +3.71% while volatility decreased by -33.63%.

Chart of the Week

The Ethereum price is on the verge of a golden cross, following recent similar developments in Bitcoin’s price.  A golden cross is a technical analysis sign commonly interpreted as strengthening bullish momentum in which the 50-day moving average (MA) overtakes the 200-day MA on an upward trajectory. A golden cross indicates that short-term price momentum is outperforming the long-term.  

Weekly Performance

Bitcoin (BTC) was flat at +0.6% while Ethereum (ETH) fell slightly by -2.3% in the past seven days. Other selected top-cap tokens mostly dropped in price.

Selected key categories were mixed in terms of market cap change in the past seven days. Artificial Intelligence saw a significant gain.

News Highlights

• Crypto.com announced that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) licence for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA).
• Fidelity has applied for a spot Ether exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). This follows BlackRock’s application for its own spot Ether ETF, the iShares Ethereum Trust.
• Chicago Board Options Exchange (CBOE) Digital announced it will launch Bitcoin and Ether margin futures trading in January 2024.
• SC Ventures, the investment and innovation arm of Standard Chartered Bank, has launched a tokenisation platform called Libeara. It aims to enable fund managers, governments and issuers to bring real-world assets on-chain.
• Tether plans to invest around US$500 million over the next six months in building Bitcoin mining facilities and acquiring stakes in other mining companies. Tether is currently building Bitcoin mining sites in Uruguay, Paraguay, and El Salvador.
• The Monetary Authority of Singapore (MAS) released a whitepaper focused on interoperability for digital assets, developed in collaboration with financial institutions including JPMorgan’s Onyx unit, HSBC, Standard Chartered, and Swift, among others, as well as crypto firms Chainlink, LayerZero and Ava Labs.

Recent Research Reports

• Research Roundup Newsletter [October 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in October, charts of the month, and our insights on friend.tech and SocialFi trends.
• Friend.Tech: Explore what friend.tech is, its success factors and criticisms, and some of the competing platforms that have emerged.
• Alpha Navigator: Quest for Alpha [October 2023]: US Federal Reserve holds steady on interest rates. BTC starts 4Q strong, outperforming other asset classes.

Recent University Articles

• Liquid Staking: What It Is and How It Works: Liquid staking is a revolutionary tool in the cryptocurrency space, allowing users to access staked tokens. Here’s how it works.
• What Is a Strike Option and How Does It Work?: Strike Options are a straightforward way to predict where prices will be above the strike price at a certain time.
• What Is Uniswap (UNI)?: Learn about Uniswap, an exchange on the Ethereum blockchain that uses the Automated Market Maker model and liquidity pools for decentralised trading.

Catalyst Calendar

Author

Research and Insights Team

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