Crypto Market Pulse (12/06/2023)

EU’s MiCA law published in official journal; rules effective 30 Dec 2024. Vitalik Buterin lays out new roadmap for Ethereum. Hong Kong Monetary Authority preparing for retail CBDC.

Weekly Market Index

Last week’s crypto market prices fell by -6.92%. Volume and volatility increased by +29.83% and +122.67%, respectively.

Chart of the Week

Cryptocurrency traders experienced losses in liquidations during the last week, as crypto prices retreated amid regulatory developments in the US. According to the data from CoinGlass, more than US$1 billion in crypto futures contracts were liquidated (short liquidation US$245 million, long liquidation US$836 million) in the past 7 days.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) were both down at -4.3% and -7.5%, respectively, in the past seven days. Other selected top-cap tokens also fell.

Key categories also fell in the past seven days.

News Highlights

• The European Union’s Markets in Crypto Assets law (MiCA) was published in the Official Journal of the European Union (OJEU). The procedural move means licensing, stablecoin, and anti-money laundering rules apply as of December 30, 2024.
• The Hong Kong Monetary Authority (HKMA) said it will start laying the foundation to implement a retail central bank digital currency. 
• Ethereum co-founder Vitalik Buterin laid out a new roadmap for the network to follow over the next few years, saying that the blockchain should push forward on key goals of layer-2 scaling, wallet security, and privacy.
• Crypto.com Exchange announced an integration with CoinRoutes, a leading provider of smart order routing and execution services. The collaboration aims to enhance institutional access to liquidity within the digital assets market and reduce friction for users.

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Catalyst Calendar

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Research and Insights Team

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