Crypto Market Pulse (26/06/2023)

Crypto.com receives VASP registration from Bank of Spain. JPMorgan conducts its first Euro-denominated blockchain transaction. SAP launches testnet for stablecoin cross-border payments.

Weekly Market Index

Last week’s crypto market prices rose by +12.67%. Volume and volatility also increased by +33.40% and +52.43%, respectively.

Chart of the Week

Bitcoin’s dominance (the measure of how much Bitcoin makes up of the total crypto market cap) has been rising and has reached 50% for the first time in two years.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) were up +14.4% and +8.8%, respectively, in the past seven days. Other selected top-cap tokens also rose across the board.

Key categories were all up in the past seven days.

News Highlights

• Crypto.com announced that it has received its Virtual Asset Service Provider (VASP) registration from the Bank of Spain.
• JP Morgan conducted its first blockchain transaction for its corporate clients in Europe using its own token, JPM Coin. The transaction was done by Siemens AG, the large Germany-based conglomerate, in a Euro-denominated payment on JP Morgan’s permissioned blockchain.
• SAP, the world’s largest provider of enterprise application software, launched a testnet of its USDC and EUROC stablecoin cross border settlement system, called Digital Currency Hub. 
• The Monetary Authority of Singapore (MAS), in collaboration with the International Monetary Fund and other central banks, is proposing common conditions for retail payments with digital money on a distributed ledger. The MAS said retailer Amazon.com and superapp creator Grab are among those collaborating on a pilot to test escrow arrangements for online retail transactions.
• Germany’s largest bank, Deutsche Bank, has applied for a digital asset custody platform license with the German finance regulator, the Federal Financial Supervisory Authority (BaFin).
• Mitsubishi UFJ Financial Group Inc. is in talks with companies behind popular global stablecoins as well as other firms about issuing such tokens via the Japanese bank’s blockchain platform.

Recent Research Reports

Research Roundup Newsletter [May 2023]: In our latest issue of Research Roundup, we feature trending market insights in May, charts of the month, and our latest research reports exploring memes — what makes them successful, their role in crypto and Web3, and the resurgence of meme mania.	The Evolution of Memes and What Makes Them Successful: What are memes, how have they evolved, and what makes them successful? We also explore the role they play in crypto and Web3, and what the future holds for memes.	Alpha Navigator: Quest for Alpha [May 2023]: Asset classes mostly dipped in May and crypto remains the best performer YTD. US debt ceiling dispute defused. Interest rate decisions from multiple central banks in the coming month.

Recent University Articles

Bitcoin Scalability: Challenges and Solutions: This article explores the various challenges associated with Bitcoin’s scalability problem, with potential solutions while maintaining network security.	Cryptocurrency Futures and Derivatives: A Growing Market: Explore the rapidly expanding world of crypto futures and derivatives, and learn about their impact on the digital asset market.	Top 10 Bullish Crypto Trading Indicators: This guide explores the top 10 bullish crypto indicators, explaining how each one can be calculated and interpreted — and how they can enhance the crypto trading experience.

Catalyst Calendar

Author

Research and Insights Team

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