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.

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