Last week’s crypto market prices dropped slightly by -3.29%. Volume and volatility also decreased by -43.43% and -29.25%, respectively.
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.
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.
Selected key categories mostly decreased in terms of market cap change in the past seven days.
The US Securities and Exchange Commission (SEC) acknowledged Nasdaq and the Cboe’sproposals 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.
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.
What Is Copy Trading and How Does It Work?: Copy trading allows users to benefit from the expertise of other traders without having to learn market analysis. Here’s how to get started.
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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.
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