Crypto Market Pulse (22/01/2024)

Global #crypto owners rose 34% to reach 580M in 2023. Nasdaq and Cboe file to list options on Bitcoin ETFs. Fund managers preparing to launch crypto Spot ETFs in Hong Kong.

Crypto Market Pulse

Weekly Market Index

Last week’s crypto market prices dropped slightly by -3.29%. Volume and volatility also decreased by -43.43% and -29.25%, respectively.

Crypto.com Weekly Market Index

Chart of the Week

The latest release of our flagship report Crypto Market Sizing Report 2023 saw global cryptocurrency owners increasing by +34% in 2023, rising from 432 million in January to 580 million in December. The main catalyst behind BTC’s adoption growth was the development in Bitcoin exchange-traded funds (ETFs) and the introduction of the Bitcoin Ordinals protocol, which enabled non-fungible tokens (NFTs) and fungible tokens to be minted on the Bitcoin network. Strong interest from institutional investors also contributed to the increase in BTC’s adoption. Meanwhile, ETH’s adoption growth was mainly driven by liquid staking after Ethereum’s Shanghai Upgrade, which allowed the withdrawals of staked ETH after the transition to the Proof of Stake (PoS) blockchain.

Crypto.com Global Crypto Owners

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) both dropped slightly by -1.4% in the past seven days. Price action for other selected top-cap tokens was also mostly negative.

Crypto.com Selected Top-Cap Tokens Price Change

Selected key categories mostly decreased in terms of market cap change in the past seven days.

Crypto.com Selected Categories Market Cap Change

News Highlights

  • Following the recent successful launches of US spot Bitcoin exchange-traded-funds (ETFs), at least ten fund managers have reportedly been preparing to launch crypto-based ETFs (including spot-based) in Hong Kong.  
  • The US Securities and Exchange Commission (SEC) acknowledged Nasdaq and the Cboe’s proposals to begin options trading on Bitcoin ETFs. Nasdaq filed for a rule change to list and trade options on BlackRock’s iShares Bitcoin Trust. The Cboe applied to trade options on “ETPs [exchange-traded products] that hold Bitcoin.”
  • The US Treasury Department and the Internal Revenue Service (IRS) have announced a temporary reprieve for businesses in reporting certain digital asset transactions. As reported earlier, the Infrastructure Investment and Jobs Act stipulated that anyone receiving over US$10,000 in cryptocurrency in their trade or business must report the transaction to the IRS and this was to take effect in Jan 2024. However, the new announcement provides transitional guidance, delaying these requirements until further regulations are issued.

Recent Research Reports

Crypto Market Sizing Report 2023Exploring the Future of Blockchain Gaming: Trends and Opportunities2023 Year Review & 2024 Year Ahead


Recent University Articles

What Is Copy Trading and How Does It Work?What Big Data Is and How It Might Change With Web3What Is the BRC-20 Token Standard for Bitcoin?

Catalyst Calendar


Author

Research and Insights Team

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.

Compartir con amigos

¿Todo listo para comenzar tu viaje por el mundo de las criptomonedas?

Obtén tu guía paso a paso para abriruna cuenta con Crypto.com

Al hacer clic en el botón Enviar, reconoces haber leído el aviso de privacidad de Crypto.com donde explicamos cómo usamos y protegemos tus datos personales.